A horse race is a contest of speed or stamina between two horses in which the winner is determined by whose steed crosses the finish line first. It is one of the world’s oldest sports and has evolved from a primitive contest to a sport in which enormous sums of money are bet on each race.
The earliest horse races were match races between two or three horses. They were bet on by placing money or a written instrument on the winning horse. Owners who withdrew from a match race forfeited half or more of the purse. These agreements were recorded by disinterested third parties, who became known as “keepers of the match book.”
As racing expanded throughout Europe and later to North America, it grew in popularity and complexity. Initially, it was a form of entertainment for the wealthy. Eventually, it became an important source of employment. Breeding, training and racing of horses became an industry in its own right. The most prestigious flat races, such as the Prix de l’Arc de Triomphe and the Melbourne Cup, are run over distances of five to six miles (eight to ten kilometers). They are considered tests of speed and stamina.
Despite the glamour of horse races and their enduring popularity, there is a dark side to this business. Behind the romanticized facade of horse racing is a reality that includes drug abuse, gruesome injuries and breakdowns, slaughter, and abusive training methods. Increasingly, fans are turning away from the sport, leading to declining revenue, attendance, and number of race days. The horse racing industry is making improvements to its animal welfare practices and is implementing new rules for the care and handling of horses, but these changes are not enough to stem the loss of fans and revenue.
In corporate America, some boards use a succession horse race to identify the next chief executive. Proponents say that a thorough competition for the top job can be an effective way to assess candidates’ leadership abilities and can help the company avoid the disruption of a sudden CEO departure. They also contend that a succession horse race signals to employees at all levels that the board is serious about developing high performers and giving them a clear path to senior-level roles.
However, critics of the horse race strategy point to its potential for causing organizational instability and the risk of alienating people who do not make the final cut. They argue that it may give a candidate with a more compelling personal narrative an edge over less-successful candidates and that it can hurt third-party and independent candidates. They also raise concerns that a prolonged succession horse race can diminish the ability of the company to fill critical management positions. In general, these critics advocate a mix of traditional and nontraditional leadership processes to ensure that the company has strong internal candidates available for the top role.