Trends and Development in Top Management Teams: Evidence from UK Panel Data

A considerable amount of research has been given to the board of directors. Little interest, however, has been shown to the top management team itself and the individual leaders. Based on a sample of the 460 largest UK listed companies during the period 19901998 this paper documents new evidence regarding: a) the recent developments in the structure of UK top management teams, b) the implications of joint CEO/Chair roles, and c) the profile of all senior managers and individual leaders in UK companies. It is concluded that there have been important shifts in the composition of British top management teams over the last decade, there are significant managerial differences between combined and noncombined CEO/Chair positions as well as between the individual leaders and the rest senior managers, and that there has been a fall in the use of executive stock compensation