Global Expansion of the Insurance Business - is it Lucrative
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Case Code: INS043 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
James Charles (Charles Jr.), the new chief executive officer and managing director of Global Orbit Insurance Company, took charge of the company after his father, Jim Charles, who was unable to discharge his duties due to ill health.
In an emergency board meeting held recently, Jim Charles (Charles Sr.), the father of James Charles, conveyed to the board members his decision to step down and pass on the mantle of managing the company to his son. He attributed his stepping down from the post to his ill health. In the meeting he said, "There is a lot of speculation going on about my health. This is affecting our share prices in the stock market and is also affecting our employees' morale. Our business deals are being harmed due to the increased level of uncertainty regarding the future leadership of the company. Considering all these facts, I feel that it is the right time for me to step down from the position of the managing director."
"We agree with you. But your son is too young and inexperienced to hold such a senior position in the company. And there is no one in our organization who can assist him and give him expert guidance. Therefore, your stepping down all of a sudden will do more harm than good to the organization," said Carl Harris, one of the directors of the company...
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