Published online by Cambridge University Press: 19 June 2025
Viscount Victor Spencer was representative of the British social elites deeply entrenched in business at the beginning of the twentieth century. He was amongst the 41 per cent of CEOs who were peers of the realm. Like most of these peers, he did not have a background in the business world or industry. This chapter details why these aristocratic amateurs initially dominated corporate leadership roles but rapidly declined in number as social and political changes reduced the importance of the aristocracy and the economic environment was transformed by the technological and business innovations of the second industrial revolution. They were replaced by professional managers like Thomas Sutherland of the shipping company P&O, founder CEOs such as Thomas Lipton, and family CEOs such as Archibald Coats of the textile business J & P Coats. These CEOs developed extensive business experience as insiders within their companies, which allowed them to innovate the strategy and structure of their companies. Despite their decline, the gentleman amateurs performed no worse than these players.
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