“The more active working directors become, the more closely involved they resemble the executives now responsible for providing business leadership. A full-time working director is merely another official who is also a director. Wide adoption of the proposal for professional directors, particularly if management is able to select the directors itself, may merely make general the situation now found in some companies in which only the executive group is represented on the board.”

Source: Business Leadership in the Large Corporation (1945), p. 346-7

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American economist 1908–1978

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Source: Business Leadership in the Large Corporation (1945), p. 347

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