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The article reports that chief executive John Hess of oil-and-gas company Hess Corp. will relinquish his position as board chairman in May 2013. John Hess has been challenged by a shareholder proposal to effect that change, as well as by hedge fund Elliott Management Corp.'s bid to replace Hess' existing directors with a group of its choosing at Hess' 2013 annual meeting.

The article considers whether firms benefit when they split the roles of chief executive officer (CEO) and board chairman. Research by Ryan Krause and Mathew Semadeni of the Kelley School of Business found that in terms of shareholder returns, splits were beneficial to firms performing poorly but detrimental to those performing well. Chairman and chief executive James Dimon of banking company J. P. Morgan Chase & Co. will have his dual role put to a shareholder vote in May 2013.

The article discusses a forthcoming shareholder vote at banking company J. P. Morgan Chase & Co. on whether the chief executive and chairman roles at the firm should be split. At a meeting with investors Morgan chief executive and chairman James Dimon said he wanted to continue in both capacities. On May 7, 2013 proxy-advisory firm Glass Lewis recommended that Morgan shareholders approve splitting the positions.

The article discusses the growing incidence of firms splitting their chief executive and board chairmanship duties. Between 2007 and 2012 the fraction of Standard & Poor's 500 companies with an independent outside director has increased from 12% to 20%. Credit-ratings firm Moody's Corp. is among firms that have taken the chairman's job away from the chief executive officer in response to shareholder pressure.

The article reports that the Chairmen's Forum, a group of experienced corporate chairmen, is developing a model corporate-governance policy that endorses appointing having separate chairman of the board and chief executive officer (CEO) roles within a company.

The article reports that Proxy Governance Inc. has recommended to Bank of America Corp. (BOA) shareholders that they approve separating the positions of chief executive and board chairman at the bank. Kenneth Lewis currently holds both posts. In 2008 a similar resolution gained the support of over 37% of votes cast, and BOA is reportedly preparing in case it prevails in 2009.

Reports that Michael Eisner resigned his post as Walt Disney Co.'s chairman of the board after 43 percent of the companies voting stockholders voted to withhold support for him at the annual shareholders' meeting in Philadelphia (Pa.). Personnel changes on Disney's board as the result of shareholders' vote; Reasons why shareholders voted the way did, including Eisner's management style and corporate governance issues; Percentage of voting shareholders that withheld support of George Mitchell, who was installed as the chairman; Speculation about potential problems with naming Mitchell as chairman, including his link to Eisner.

The article discusses efforts by chief executive James Dimon of banking company J. P. Morgan Chase & Co. to persuade investors to reject a shareholder proposal that would strip him of Morgan's chairmanship. At a May 14, 2013 meeting with 1,300 technology investors Dimon defended Morgan's corporate governance.