“When I ask CEOs who’ve taken companies public to identify the biggest change...

“When I ask CEOs who’ve taken companies public to identify the biggest change they notice before and after, I always get the same answer: Every employee starts watching the stock ticker. And so a company might preach quality, the CEO might genuinely believe in craftsmanship, and the company may strive to reward great work. But when employees see the stock price crash because of a competitor who…