Struggling companies hire Asian-American CEOs to right their wrongs. But is that a good thing?

Asian Americans face a diverse array of stereotypes. On the one hand, they’re associated with intelligence, hard work, and humility, but they’re also seen as shy, cold, and submissive. Compared to the prototypical business leader—sociable, bold, assertive—Asian Americans may seem like a mismatch, and workforce data show that Asian-American professionals are the least likely to be promoted into management.

However, there seems to be one exception to that rule. When companies are in...

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