The Rush To Quality On Corporate Boards

Why more U.S. companies are scrambling for top-notch outside directors

Is good corporate governance contagious? Last fall, Harvey Golub accepted an outside directorship for the first time since he became chief executive officer of American Express Co. in 1993. Golub joined the respected board of Campbell Soup Co. Now, Golub is searching for two high-powered outsiders to bolster his own company's comparatively lackluster board. AmEx is looking for "CEOs who come from stellar shareholder-value companies," according to Dennis C. Carey, vice-chairman of SpencerStuart, which is conducting the search.

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