Mr. Pat Creed:

I will answer that. I am a chief executive currently and I would actually disagree with the suggestion. I do not think one needs to have industry knowledge. I think one needs to acquire industry knowledge when one takes over. However, I do not believe one needs industry knowledge to become a chief executive. It might actually be dangerous. There can be groupthink and inside-think. My view is that a person can be the chief executive but would need to learn about the industry on taking up the job. However, I would not agree that a person needs industry knowledge at the point of taking on the job.