In recent months, we've grown accustomed to writing about companies separating—or combining—the roles of chairman and CEO. Most of the companies making the split cite best practices in corporate governance as their motivation.

Another motivator is institutional investors, as several pension funds have urged companies to make the split, or at least name a lead independent director.

Earlier this year, $1.1 trillion fund manager Barclays Global Investors made an unpublicized change in its default proxy voting guidelines, pledging to cast votes in favor of dissident shareowner resolutions asking companies to split the top two posts.

A New Split

But this week, CW noticed three companies that had split the president and CEO positions. The companies were $703.8 million children's clothier Carter's, $172 million PEC Solutions, and $32 billion Mitsubishi Motors (traded in Tokyo)

According to Steve Mader, CEO of executive search firm Christian & Timbers, any "trend" related to the splitting of the president and CEO positions relates more to workload than governance.

"The board is taking up more time, both their own boards and others they serve on," says Mader.

Eric Martin, director of investor relations with Carter's, would seem to agree that workload is a factor in the presidential separations. The company recently appointed Joseph Pacifico president, replacing Frederick Rowan II, who remains chairman and CEO.

"The move was primarily driven to give Fred more time to focus on the strategic and less responsibility on day-to-day," said Martin. "Joseph will now oversee operations and global sourcing in addition to marketing, so he has an increased responsibility."

But Martin admits that's not the only reason the separation will help the company. "Yes, it definitely helps us from a corporate governance standpoint, to show less top-heavy titles for one individual," said Martin, "and obviously the last phase will be at some point in time, if it's appropriate, to break up the chairman and CEO role."

Whether it's the chairman, CEO or president role being separated, Mader said, "Both are happening more widely and neither is circumventing the other."

Chairman, CEO Splits & Combinations

Interestingly, our weekly analysis of public company disclosures again demonstrated that more companies are actually joining the chairman and chief executive roles than separating them.

Among the companies announcing the chair/CEO roles would be combined were $18.3 billion cable TV operator Comcast; $7.2 billion energy company Pepco Holdings; $717 million transportation products company Wabtec Corp.; $369.4 million auto parts manufacturer Wescast Industries; and $176.6 million biotechnology company Nabi Biopharmaceuticals.

In the case of Comcast, President and CEO Brian Roberts replaced C. Michael Armstrong as chairman, a move that was criticized by the AFL-CIO at the company's annual meeting for going against the trend of splitting the top posts.

At Ontario-based Wescast, which has a lead director in place, Ed Frackowiak was named as chairman and CEO. The company said in a press release that after careful consideration by the board, it believes that unifying the chairman and CEO role is appropriate in these circumstances, and that it will assure strong corporate governance.

A few other companies, however, announced that they would separate the top roles. $1.7 billion food services company Smart & Final said President and COO Etienne Snollaerts would take over the CEO position, while Ross Roeder remained chairman. Snoallerts will give up the COO post, and the company says it will not fill it.

Also, embattled $13.1 million Liquidmetal Technologies, which develops metal alloys with unusual properties, said President and CEO John Kang would step down amid an independent audit committee probe into his stock sales in 2002. He will remain chairman, and the company also named Vincent Addonisio lead independent director.

And finally, $133.5 million copper wire switching company Terayon noted that Dr. Zaki Rakib would resign as CEO but become chairman. He replaces his brother, Shlomo Rakib, who will remain president and chief technology officer. A search for the new CEO is underway.