Henry D. Wolfe

Chicago, Illinois, United States Contact Info
1K followers 500+ connections

Join to view profile

About

Henry D. Wolfe is Chairman of DaVega & Wolfe Industries Holdings. As a takeover…

Articles by Henry D.

See all articles

Activity

Join now to see all activity

Experience & Education

  • DaVega & Wolfe Industries Holdings

View Henry D.’s full experience

See their title, tenure and more.

or

By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.

Publications

  • Biden's Anti-Business and Anti-Capitalism Approach To Governing

    Financial Times Swamp Notes

    Comment regarding surprise at the extent of Biden's anti-business and anti-capitalist approach to governing.

    See publication
  • American Exceptionalism & Individualism

    Financial Times Swamp Notes

    Rebutal to one of the newsletter's authors who suggested that "American Exceptionalism" is suspect and that the country needed more "collectivism" than individualism.

    See publication
  • Biden Industrial Policy

    Financial Times Swamp Notes

    Quote in the Financial Times's Swamp Notes regarding the perils of the Biden administration's industrial policy.

    See publication
  • Capitalism: A Short Primer For Gen Z

    Medium

    E-Mail to Inc. magazine in response to a request to readers for "how to rebrand capitalism to help Gen Z accept it more readily" was expanded into an article. Article makes the argument that capitalism does not need a rebranding because it is not a brand. Provides abbreviated description of the major behavioral aspects of capitalism with a heavy emphasis on agency and personal responsibility.

    See publication
  • Quote RE Media's Lack of Understanding of Trump's Support

    Financial Times

    Response to question posed by newsletter author re whether or not the media understands what motivates Trump supporters.

    See publication
  • Quote Regarding the Fallacies of "Bidenomics"

    Financial Times

    Quote in the Financial Times "Swamp Notes" regarding the risks inherent in Bidenomics and industrial policy in general in addition to comment regarding current "job satisfaction."

    See publication
  • Don't You Understand? When You Give Up Your Dream You Die.

    Medium

    A philosophical treatise on the pursuit or denial of individual dreams.

    See publication
  • Quote Re Neoliberalism, Laissez-Faire, Corporatism & The Opposition To Capitalism

    Financial Times

    Quote in opposition to a Financial Times piece on the the need for a post-neoliberalism (post-market driven) economy. Drawing on the work of Nobel Laureate in Economics Edmund Phelps and Jonathan Haidt, Wolfe offers a view on one of the major, and dangerous, underlying causes of today's growing opposition to capitalism.

    See publication
  • Is the Stakeholder Pledge Just a "PR Move?" Directors Respond (Wolfe Quote)

    FT Specialist - Agenda

    Wolfe quoted in article by Tony Chapelle in regard to risks to shareholders if those advocating stakeholder model consider all stakeholders equal.

  • Roll Up Strategy: How To Create Value

    Medium

    Provides all of the essential elements that must be present for a roll up or industry consolidation strategy to succeed and maximize value for investors.

    See publication
  • A New Governance Model IS Needed - Just Not the Business Roundtable Version

    Medium

    Discussion of a more entrepreneurial performance and value creation oriented governance model to replace the current public company governance model and in contrast to the new model proposed by the Business Roundtable.

    See publication
  • Henry D. Wolfe Quote Re Big Tech Companies

    Financial Times - Swamp Notes Newsletter

    Quote from Wolfe criticizing the wide-spread condemnation of the big tech companies and pointing out the potential negative impact on budding entrepreneurs.

    See publication
  • Leading the Board: The Role & Qualifications of the Non-Executive Chairman

    Medium

    Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." This pieces provides a highly unconventional look at what is required from both a responsibility and skills/track record perspective to fill the role of non-executive chairman on a Value Maximization Board. Shows why just the separation of the Chairman and CEO roles is not good enough i.e. that it matters greatly who is in the role if the intent is to…

    Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." This pieces provides a highly unconventional look at what is required from both a responsibility and skills/track record perspective to fill the role of non-executive chairman on a Value Maximization Board. Shows why just the separation of the Chairman and CEO roles is not good enough i.e. that it matters greatly who is in the role if the intent is to maximize performance and value.

    See publication
  • Moving From Sluggish To Smart Allocation (Wolfe Quote)

    FT Specialist - Agenda

    Article written by Tony Chapelle quotes Wolfe on various aspects of capital allocation, the shortfall in public company boards in this regard and the need for more directors with sophisticated investor experience and mindsets.

  • A Wake Up Call For Public Company Boards

    Medium

    Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." In-depth analysis of the shortfalls of the public company governance model in the context of capital allocation optimization and maximization of company performance and shareholder value.

    See publication
  • Capitalism Under Siege Part I - Watering Down of Corporate Governance Raises Red Flags

    Medium

    A synopsis of the multiple anti-capitalist efforts being made to change public company corporate governance thereby weakening the governance model which in its current state was already sub-optimal in regard to high performance and value maximization.

    See publication
  • Capitalism Under Siege Part II

    Medium

    Article raises serious concern regarding a deterioration of the values that support capitalism and the risk to the U.S. as a result.

    See publication
  • Director Selection - How It Should (But Most Often Doesn't) Work At Public Companies

    Medium

    Short case studies from author's experience as to how selection for board members should work.

    See publication
  • Think the Board of Directors Doesn't Matter? Think Again

    Medium

    Case study of the complete replacement of the board of Darden Restaurants by Starboard Value and how this governance model aligns with the Value Maximization Model proposed in Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value."

    See publication
  • What's Wrong With Director Selection At Public Companies?

    Medium

    Article delves into how the selection of board members at public companies tends to be the antithesis of what is needed for a board to ensure that capital allocation is optimized and company performance and shareholder value are maximized.

    See publication
  • Buffet On Boards: Thoughts & Analysis

    Medium

    Warren Buffet provided a number of comments on public company boards in Berkshire Hathaway's 2019 annual report. This article provides thoughts and analysis on these comments.

    See publication
  • Public Company Boards: Leaving Too Much on the Table?

    Medium

    Article contrasts the efficacy of the public company governance model with that of the portfolio companies of private equity firms. Case studies are included of board restructurings and transformations to support the argument of the higher performance that results from approximating or implementing the private equity model at companies which previously functioned with the standard public company governance model.

    See publication
  • Flunking Sarbanes-Oxley - The Boards of the Greatest Value Creators in History Did Not Adhere to "Good Governance"

    Medium

    Examples of how the boards of the companies profiled in the book "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success" did not adhere to the tenets of modern "good governance" yet their companies were far and away the top long-term performers in the history of American business. Also offers examples of some of the rigid governance evaluation "rules" that have no basis in rationality and performance.

    See publication
  • Are America's Companies Becoming Soft?

    Medium

    Provides evidence in the decline of the competitiveness of America's companies and individuals and consequences of this decline.

    See publication
  • Happier Than We Have Ever Been - And We Work For A Company Governed By No-Nonsense Capitalists

    Medium

    Case study from author's personal experience regarding the turnaround of a troubled company by a board of directors consisting of hard nosed capitalists. One highlight of the study is the significant increase in the morale of the management and employees which challenges to current arguments for "stakeholder" governance.

    See publication
  • The Business Roundtable's New Purpose of a Corporation - An Analysis

    Medium

    A step by step critical analysis of the new corporate governance model proposed by the Business Roundtable and the flaws inherent within this model if the assumption is that all stakeholders are to be treated "equally."

    See publication
  • The Nonexecutive Chairman: Toward A Shareholder Value Maximization Role

    The Handbook of Board Governance - Second Edition - Wiley & Sons

    A compendium of governance topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter, taking a capitalist view, goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Optimization of capital allocation and maximization of company performance and…

    A compendium of governance topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter, taking a capitalist view, goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Optimization of capital allocation and maximization of company performance and shareholder value. It also explores the qualities, skills and track record required for high performance in this role.

    See publication
  • Henry D. Wolfe Quote Re Paternalistic Cultures

    The Financial Times - Swamp Notes Newsletter

    Quote regarding experience with companies near failure resulting in large part due to their paternalistic corporate cultures and the hard-nosed capitalists that were required to fix these companies and infuse them with new energy and excitement.

    See publication
  • Public Boards Adopting Private Practices: Path To Shareholder Value

    Investor's Digest of Canada

    Excerpts from Wolfe's book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value

  • What Does it Take to be A Great Corporate Director?

    Corporate Compliance Insights

    Description of 8 characteristics of a great corporate director. In this context, "great" implies that the director is exceptionally good a engaging in and contributing to the value maximization process.

    See publication
  • CEO Pay is Not the Issue – Selection Is

    Corporate Compliance Insights

    While all of the rage in the corporate governance community (and beyond) is on CEO pay this article argues that this focus misses the more important issue: Selecting the RIGHT CEO in the first place. What CEOs are paid is pale in comparison to the annual costs of poor CEO choice as in-depth research shows. Adds an additional element to Wolfe's larger argument that the public company governance model results in less than the full development of a company's potential.

    See publication
  • Henry Wolfe On Board Selection

    Across The Board Podcast

    Interview regarding the poor director selection criteria driven by the current suboptimal public company governance mode. Also addresses the key selection criteria that would be created as a result of a shift to a value maximization governance model.

    See publication
  • Governance Arbitrage With Henry D. Wolfe

    ValueWalk Podcast

    Interviewed by ValueWalk Podcast regarding my book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value

    See publication
  • Public Company Boards: Hidden and Undervalued Assets?

    ValueWalk

    Treatise on the concept of hidden and undervalued assets, the value creation potential from same and a discussion of how public company boards are a hidden and undervalued asset.

    See publication
  • Governance Arbitrage With Henry D. Wolfe

    The Contrarian Investor Podcast

    Interview with The Contrarian Investor regarding the ideas behind my book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value

    See publication
  • The Real Problem is the Public Company Governance Model

    ValueWalk

    Presents arguments against the theme of a Financial Times article on the "negative" short-term impact resulting from actions by activist investors and presents a case that the real problem is the public company governance model rather than activist investors.

    See publication
  • Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value

    WallStreetNewsNetwork

    Review of "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value"

    See publication
  • Bed, Bath & Beyond: A Governance Model Clarion Call?

    ValueWalk

    Examination of the shortfalls of the Bed, Bath & Beyond board of directors resulting from the public company governance model and its extreme negative impact on BB&B's capital allocation. performance and value.

    See publication
  • The Public Company Governance Model - In Dire Need of Radical Change

    The Conference Board

    Analysis of the shortfalls and underperformance of the current public company governance model with proposal for a new more robust governance model designed for the board to be capable of ensuring optimal capital allocation and maximum company performance and shareholder value.

    See publication
  • Governance Arbitrage: Blowing Up The Public Company Governance Model To Maximize Long-Term Shareholder Value

    Milner & Associates

    This unique book is decidedly not just another tome on corporate governance. Instead, think of it as an investment thesis and memorandum with a radical prescription for optimizing capital allocation and maximizing longer-term company performance and shareholder value at public companies. When a company has assets that are undervalued and/or underperforming, an opportunity exists to create value, in some cases, materially. Public company boards are one such asset.

    See publication
  • We DO Need to Maximize Shareholder Value. Here's Why.

    ValueWalk

    Article that addresses the fallacies of the criticisms of shareholder value maximization and shareholder primacy, correctly defines shareholder value maximization and then makes the case as to why maximizing shareholder value is the the focus needed by the boards of all public companies.

    See publication
  • Focus on Competence, Not Independence to Solve the Problem with Director Selection at Public Companies

    Corporate Compliance Insights

    A look at what is missing in director selection criteria, why competence should be the only criterion and what specific competencies are required for the full development of the board as an asset that ensures the optimization of capital allocation and the maximization of company performance and shareholder value rather than an underperforming oversight body.

    See publication
  • Readers React to WSJ’s Article on GE’s Decline

    The Wall Street Journal

    Wolfe's comments included in article in regard to the lack of capital allocation skills on the part of the members of GE's board.

    See publication
  • A Private Equity Model for Public Company Boards

    The Corporate Board

    Excerpt from Wolfe's book, Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value.

    See publication
  • Big Tech Companies Reflect A Positive Capitalist Spirit

    Financial Times

    Letter in response to piece by Margaret Hefferman entitled "The Google Affair Bares Silicon Valley's Trust Deficit" in which she describes the "horrible state of affairs" brought on by "hyper-capitalism."

    See publication
  • The Nonexecutive Chairman: Toward A Shareholder Value Maximization Role

    The Handbook of Board Governance/John W. Wiley & Sons

    A compendium of topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Maximization of capital allocation, company performance and shareholder value. It also explores the qualities, skills…

    A compendium of topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Maximization of capital allocation, company performance and shareholder value. It also explores the qualities, skills and track record required for high performance in this role.

    See publication
  • What You Want In A Non-Executive Chairman

    Directors and Boards

    Overview of the qualifications for the non-executive chairman position as viewed through the lens of shareholder value maximization

    See publication
  • The Non-Negotiables of Board Leadership

    Boardroom INSIDER

    Excerpts from an essay entitled "The Non-Negotiables of Board Leadership" focusing on the non-executive chairman's key role in the maximization of shareholder value

  • Board Restructuting: Corporate Governance As The Pathway To Value Creation In Underperforming Companies

    Institutional Investor's Journal of Private Equity

    A high level overview of the role of the chairman, process for restructuring the board and go-forward steps in troubled and/or underperforming companies.

  • 5 Ways We Make The NonExec Chair Work

    Boardroom INSIDER

  • WorldCom: A Wakeup Call For Corporate Governance

    Financial Times

    Letter to the editor about the shortcomings of WorldCom's board of directors in regard to capital budgeting and monitoring of capital expenditures against the capital budget.

Recommendations received

  • LinkedIn User

    LinkedIn User

1 person has recommended Henry D.

Join now to view

More activity by Henry D.

View Henry D.’s full profile

  • See who you know in common
  • Get introduced
  • Contact Henry D. directly
Join to view full profile

Explore collaborative articles

We’re unlocking community knowledge in a new way. Experts add insights directly into each article, started with the help of AI.

Explore More