In order to avoid another Enron, WorldCom, or Tyco, company directors have assumed a bold and independent role in the boardroom, monitoring the actions of the CEO and supervising his or her day-to-day operations. This dramatic shift has created a new atmosphere, one that requires careful negotiation on behalf of both parties if the responsibilities of the job are to be met. Giving directors, executives, investors, and stakeholders the tools to make this relationship work, William M. Klepper describes the best techniques for building a productive partnership and establishes a plan of action that will succeed in a variety of businesses and settings.Klepper has worked with AT& T, Bausch & Lomb, Johnson & Johnson, Sony, Sun Microsystems, and a host of other corporations. He knows the makings of a healthy partnership between a board and its CEO and the consequences of a bad fit. In this book, he details the eight practices of successful executives, such as facilitating innovation, motivating change, and developing the leadership skills of others, and he explains what directors need to evaluate before they commit to hiring a CEO, such as working style, social behavior, and the handling of stress. The most crucial element is the social contract, in which directors and their CEOs agree to be transparent, continually reassess their company's risk, maintain core company values, and make a commitment to their stakeholders, which include employees, shareholders, customers, and the community. In this essential volume, Klepper encourages directors to embrace their independence, and he teaches executives to value tough love.