Horse race is a colloquial term that refers to a close form of competition. It can describe an uncertain contest or a closely-contested issue, and it can be applied to any form of sports or business competition. When the word is used in a political context, it can imply an unresolved issue or a close election.
While some executives and governance observers have a deep-seated distrust of the classic succession “horse race” approach that pits several recognized candidates for the CEO role against each other over a set period of time, others embrace it as an effective leadership selection strategy. Companies that use the horse race approach cultivate a culture in which people embrace competition for the top job and the belief that the best leader will emerge from the process.
The horse race model has been successful in bringing a wide range of benefits to the companies that employ it. Among the most significant advantages of this model are that it encourages a diverse pool of candidates and provides an opportunity for strong leaders to gain valuable experience through a series of critical roles before being considered for the CEO position. Moreover, the system is relatively easy to implement and can provide a clear path for developing future executive talent.
When board members are considering whether or not to utilize a horse race approach, they should consider whether the company is well suited to the practice and adopt strategies that can help minimize disruptions to the organization. In addition, the board should carefully evaluate the performance of each candidate in order to select the most suitable successor.
Historically, horse racing was a low-profile sport that relied on local breeders to produce fast equines. However, the British military’s success in desert combat inspired a desire to breed leaner, faster horses that could run long distances and cover ground quickly, which led to the creation of a new breed called Thoroughbreds.
As the sport evolved, many of these specialized equines were used to compete in steeplechases, races over obstacles that required a combination of speed and stamina. These contests were referred to by the Greek author Xenophon as early as the 5th century bc.
Steeplechase races are still considered one of the most arduous and dangerous forms of horse racing. Hundreds of horses die each year from the exorbitant physical stress of this type of competition, including heart attacks, broken limbs and collapsed lungs.
The death of Eight Belles, a champion in America’s most prestigious race, and the subsequent rash of catastrophic injuries suffered by another Derby contender, Medina Spirit, has focused renewed attention on the risks involved in this type of competition. It is not possible to watch a steeplechase race without thinking about the horses who must be hauled away from the track after they suffer an accident or succumb to the brutality of slaughter. If not for a small network of independent nonprofit rescue organizations, most injured racehorses would face a horrible fate.