Jim Hackett recently retired, relinquishing his title as Steelcase CEO after almost twenty years of leading the company. While he will remains on the board of directors as vice chairman for another year, he has been offered multiple opportunities to diversify.
Hackett was recently elected non-executive chairman of the Fifth Third Bank. After serving on the board for 13 years, Hackett was chosen based on his proven ability to lead and strong background and knowledge. They believe he will continue to be instrumental in leading the Fifth Third Bank forward and maintain tough corporate governance practices. Last year he was appointed director of Ford Motor Company who also sought to utilize his expertise executing corporate sustainability strategies.
High profile business folks are often seen as a precious asset among corporate leaders. Landing well established business successfuls can help positively shape the future of any business. The prestige and expertise of prosperous CEOs can be attractive to a company looking to remodel their public image or expand their bottom line. But restructuring does not come without incurring risks.
A company’s directors and officers are most likely to be held responsible for any internal mismanagement or mishap. Allegations of illegal activity or immoral business practices can have deep financial impacts on a company. When reorganization upper-level management it is always important to reevaluate your corporate liability exposures these changes my cause. Director can also be help personally liable for many business malfunctions such as tax fraud. Should any director or officer fail to act in the best interest of the company or act negligently they could face lengthy legal complications. Ensuring that your Michigan based organization is properly protected with the best Oakland County directors and officers liability insurance is essential to your corporate success.
At Capital Insurance we offer risk analysis and management services to ensure that our clients are properly prepared to combat any unwanted legal complications they may encounter. Our Directors and Officers Insurance can help protect your organization and your upper-level workers. Let our experienced Michigan insurance specialists protect your assets long before threats occur. Call us at 888 296 0418 for more information.