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Age Limits Are Arbitrary - Articles SurfingIn a recent article in BussinessWeek, writer Peter Burrowsinterviewed the CEO of Network Appliance, DanielWarmenhoven. He shared his views on the current state ofcorporate governance, the consequences of SOX and hisopinion that to set a 70-year age limit for directors is nota good practice. Dan Valentine, the highly respected venturecapitalist who was an early investor in Apple, is now over70 and due to his age will not stay on as a director atCisco. He is also on the board of directors at NetworkApplication, and there the age issue is not an issue at allaccording to Warmenhoven: *The only public board he'll remain on is NetApp. Why wouldyou want to get rid of someone with his talent andexperience? If he was senile, that would be one thing. Buthe's still one of the sharpest minds you could ever meet,and he has been through every kind of circumstance you couldimagine, three or four times and lived through them.*http://www.forbes.com/home/columnists/2005/07/27/warmenhoven-opinion-regulatoin-cz_dw_0726compliance.html I concur with Warmhoven that age should not determineretirement as much as the question of whether there is stilla *fire in the belly*. Unfortunately, the hidden reason formost board policies on age or term limits is not related tothe core belief that people should leave based on thosecriteria. More often that not, the real reason is that theboard finds it difficult and unpleasant to fire anindividual who really has become unproductive. If boards hadeffective evaluation processes for each director, it is muchmore likely that these limits would be viewed asundesirable. (c) Copyright 2006 by Gerald Czarnecki - All Rights reserved
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