In the wild, horses love to run fast. But a horse race is a human construct that pits a group of carefully selected, highly trained animals against each other for the privilege of chasing a silver cup around a 2-mile (3.2-km) course. The concept of the race was first introduced to America in 1664 by the British occupation of New Amsterdam. That same year, colonial Colonel Richard Nicolls laid out the first organized race track and a race calendar. The early American Thoroughbred was bred to emphasize stamina, and the race system grew out of that emphasis.
The earliest races were match races, with each owner providing the prize money and accepting wagers on his or her horse. The wagers were recorded by disinterested third parties, who came to be known as keeper of the match book.
By the 18th century, several such match books existed, and they were published in various titles. The first of these was An Historical List of All the Matches Run (1729). Another was An Historical List of All Horse-Matches (1773). The resulting data was used to create an official record book for each race, which became known as the Racing Calendar.
A horse that does not break quickly out of the starting gate and is well back at the beginning of a race. This term also refers to a horse that has trouble maintaining its speed or may be ridden too lightly by its jockey.
An eye equipment that limits a horse’s vision and is used to help the animal concentrate on running and reduce distraction. Also referred to as blinkers.
The fixed scale of weights that a horse is assigned for each race, based on the age and sex of the horse, the distance of the race and other factors. The combined weight of the horse and its equipment, including the saddle, may be greater than the weight shown on the official race program at race time.
After racing one lap of the half-mile course, all riders speed into a sort of equine pit row where teammates await with fresh horses for what is called the exchange. The exchange requires the jockey to dismount, take a step or two off his ride and wriggle into a saddle that is already loaded with fresh horses.
Many executives and governance observers are uncomfortable with the horse race approach to CEO succession, where an overt contest pits multiple recognized candidates against each other in a set time frame. But the method has a proven track record, and it offers several advantages. For example, a protracted succession race can provide motivation to other high-performing executives who want to be the next CEO and can serve as proof that the board has invested in developing leadership talent through functional assignments and stretch opportunities. The process can also reinforce the value of hard work and a commitment to excellence. For these reasons, some organizations embrace the horse race.