This belief most likely formed during a short stint I spent travelling the country assessing technology start-ups seeking early-stage funding. Just as important as understanding whether these firms had interesting and unique intellectual property that met (or could create) a genuine market need was working out if the management had the drive and vision to exploit it. At an early stage of growth that absolutely matters, which is why it is not uncommon for such firms to parachute in such operational leaders as they grow.
I'm not sure investors, generally, pay enough attention to management, though, beyond the odd moan about pay. It's very rare that a share price leaps or plunges when a changing of the guard is announced - unless, as in the recent case of Harriet Green's sudden exit from Thomas Cook, there is a worrying air of mystery about it.
Should more scrutiny be paid to who's actually running our companies? I think so, and I think that scrutiny should take more than the form of gut feel or the impressiveness of a boss's CV, which is why this week we've tried to rank the FTSE 100 CEOs by returns - the measure that ultimately matters most. And while the maths has turned out to be somewhat surprising, the men and women who top the list are not - all strong strategic thinkers also able to get things done.
One man who unsurprisingly does not come out well on our list is Tesco's newish boss Dave Lewis. Of course, the 20 per cent share price fall under his short tenure is hardly his fault - and arguably his forest fire approach is exactly what the group needs to provide fertile ground in which it can flourish once again.
But given the scale of the devastation I’m not sure that will happen very soon, and there could be more wildfires to come - I’m not sure I'd want to be snapping up the shares right now with a possible dividend cut and rights issue on the way. Some fund managers have been buying regardless, notably James Henderson at Lowland, a good trust that recently won our Income Fund of the Year award. I wouldn't yet be following suit, though. Instead, I'd suggest giving up some gains until there is evidence of genuine recovery - and when we've seen more than a glimpse of the strategic and operational smarts Mr Lewis so far promises to possess.
