Although Sidney Harman, chairman of Harman International Industries Inc. (HAR), has never given up running the company he founded, at 88 years old he himself admits that the search for a new CEO, after the sudden departure of Douglas A. Pertz after just four months.
He is quoted by the WashingtonPost.com as saying: "It could readily be argued that we don't need a CEO except for one thing, although he is enormously active and very bright, the chairman is, by chronological matters, a very old man. So the need for a CEO is an insurance policy."
Pertz left after only four months, having come to Harman after several years as chairman and CEO of IMC Global Inc., with a $3.8 million severance package.
Harman contends that Pertz's departure wasn't caused by one event and that it wasn't a particular failing on Pertz's side or a failure by the company to meet his expectations.
"There are aspects of judgments and leadership that are impossible to assess, or at least I find it impossible to assess those matters . . . through interviews," Harman said. They "can only be determined through experience."
Harman called himself demanding and "someone who seeks excellence and tries to provide it."
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