CEOs' Reproach of Dissenting Directors Hurts Investors

Editor's Note: Jim Seymour's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com, click here. This article was published Dec. 27 on RealMoney.

Have you noticed the CEOs circling the wagons -- against their own directors?

The herd instinct is at work again as CEOs, worried by the stand of Hewlett-Packard (HWP Quote) director Walter Hewlett against the company's proposed merger with Compaq (CPQ Quote), have begun speaking out, often petulantly, about the role of board members.

Last week on CNBC's "Squawk Box," we had Jack Welch, former head of General Electric, railing against Hewlett, insisting that boards have to stick together, that directors have to support their companies. Fight the fight in the boardroom, Jack was saying, with all the vigor you want. But when that meeting is over, directors need to line up behind the decisions the board takes. ...