In the last 15 months, 128 new executives took the reins at America’s 1,000 largest companies. While the firms may be different, there are a few things every new CEO can do to ensure success, according to Paul Winum and Deborah Rubin, senior partners and practice leader co-heads, Board & CEO Services, at RHR International. They’ve helped hundreds of leaders successfully navigate the transition and offer their insights:
Why is the first year so critical for a new CEO?
A CEO transition is a critical inflection point in any organization’s history. The first year of that transition presents a great opportunity to propel the organization forward, re-recruiting and re-purposing the senior team and, in fact, the entire organization. The foundational partnership with the board and investment community is also established in the first year of a new CEO’s tenure. If these key objectives are well managed, the new CEO is positioned to lead the organization forward, making important deposits in the metaphorical relationship and credibility bank. Conversely, if these critical tasks are not properly negotiated, it can be an uphill battle for the new CEO.
What are key markers of success or failure in year one?
There are three primary tasks incoming CEOs have to succeed in doing. First, they must develop clarity of strategic priorities with the board and install the organizational culture and processes that will accelerate progress toward the business objectives, engaging the workforce toward those objectives. Second, they need to ensure that their organization has the necessary talent in key leadership roles to execute the strategy and that those individuals are aligned on key business goals. Third, at the personal level, the new CEO needs to develop a deep understanding of the requirements and expectations for the position and accelerate his/her personal transition into that role.
How well the CEO accomplishes these three things can be measured through a combination of pulse checks with the board, leadership team and larger workforce and measurable
progress toward business performance measures. An outside resource working in partnership with the CEO, board and CHRO can help immensely through the first year of the CEO’s transition and integration. This transition and integration work is frequently overlooked during the CEO succession process but is as important to the company’s success as picking the right leader.
What’s the most common mistake in the first year?
Not moving quickly enough to ensure the right people are on the senior team and not focusing sufficiently on building alignment and trust among this group. The first mistake significantly slows down progress toward plans the CEO has for the organization. Under-investing in the second creates complexity and dysfunction at this level and for those lower in the organization that is harder to reverse than it is to prevent.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
