Horse race is a popular management strategy that pits several candidates in an overt contest to become the next chief executive officer. While some executives and governance observers are uncomfortable with the horse race approach, others argue that it is an effective way to identify a qualified leader and foster a culture of succession planning. In fact, many admired companies have used this method to select their next CEO, including General Electric, Procter & Gamble and GlaxoSmithKline.
The horse race is a sport based on the principle of determining which of two or more horses can run the fastest over an established distance. The contest is wagered on by the public through betting, and the winner receives a prize. Despite its seemingly simple rules, horse racing is a complex business that includes a number of different revenue streams, from ticket sales and hospitality to gambling and licensing. In addition to being a source of entertainment, horse races also serve as a symbol of national pride and heritage, with events such as the Kentucky Derby and Australia’s Melbourne Cup celebrating cultural values and traditions.
Despite its enduring popularity, horse racing has been plagued by controversy over animal welfare issues and other social concerns. The use of whips and other devices to encourage the horses to run is not uncommon, and racehorses often sustain injuries, such as limb fractures and even hemorrhage from their lungs, while being forced to sprint at speeds far beyond their natural abilities. Furthermore, the unnatural training and confinement of racehorses prevents them from expressing their normal instinctive behavior and can cause mental and emotional distress. This suffering may manifest as compulsive behaviors, such as cribbing (biting at the gate of their stall for hours on end), pacing and biting.
Although the exact origins of organized horse racing are unknown, archeological evidence suggests that it was a well-organized event in Ancient Greece, and it is believed to have been widely practiced throughout the Roman Empire. Other ancient civilizations also held horse-racing events, and it is known that chariot and mounted (bareback) races were popular in China, Persia and Arabia. Horse-racing was even a central feature of the games at the ancient Olympics, and it is widely cited as having inspired the combat chariot races in Norse mythology.
Despite the sport’s rich tradition, horse racing is facing an uncertain future. The popularity of online sports gambling and advances in breeding technology have contributed to declining revenue and participation numbers, while increasing awareness of animal welfare concerns has prompted some to abandon the sport altogether. In addition, the high cost of maintaining thoroughbred racetracks has pushed some states to look for ways to increase profitability and attract new audiences. For example, Maryland is spending $400 million to renovate Pimlico in the hopes that it will lure more visitors and spur economic development in Baltimore’s low-income Park Heights neighborhood. However, the fate of horse racing will ultimately depend on whether or not the industry can strike a balance between preserving its traditions and making changes to improve animal welfare and economic sustainability.