This is the fourth in a series addressing the imperatives and challenges CEOs face through the entire spectrum of the role—from preparation for the job to exit. Here’s part one , part two, and part three.
After having successfully completed the preparation and entry phases, CEOs must effectively lead their organizations through a period of continual evolution in order to realize the expectations of all the stakeholders. Having managed the transition challenges outlined in part three of this series, leaders may be tempted to relax and settle into a comfortable operating cadence. In today’s rapidly changing market and competitive landscape, that mindset can be deadly. After assuming the reins of leadership and completing their first year on the job, the best CEOs often dial up the tempo and push their organizations toward ever-more ambitious goals. Below are four questions CEOs are advised to ask and answer during the middle years of their leadership tenure.
When a new CEO enters the role, he or she often inherits the strategy of the predecessor. Given the “permanent whitewater” that CEOs must navigate in the ever-changing technological and market landscape, effective CEOs need to regularly determine how the strategy of the company needs to be updated in response to changes in that landscape. Depending upon industry sector, the average tenure of CEOs in the CEO1000 Tracker is between five and seven years, and a lot can change during those middle years of a term. The rapid pace of technological innovation compels CEOs to determine how the fields of data analytics, artificial intelligence, robotics and other technology-enabled platforms can catapult and disrupt their businesses. An annual strategy review and update should be a part of every CEO’s leadership process.
As the strategy of the company is regularly refreshed, CEOs simultaneously have to look at the capabilities of the functional and business leaders to deliver the evolving strategy. Does the strategy include expanding into new geographical markets? Do we have sufficient expertise to ensure our information security? What know-how do we need to effectively utilize e-commerce and social media marketing channels? Does the leadership team possess the will and skill to fully engage the workforce in the execution of our strategy? The best CEOs in the middle phase of their tenure take a hands-on, ongoing involvement in evaluating and developing the talent of the organization.
There is an array of important stakeholders with whom CEOs need to sustain strong relationships in order to effectively lead. These include the members of the board, key customers, investors, employees, other industry leaders and, for some CEOs, regulators. Each year, particularly as the strategy evolves, CEOs are advised to make a list of these stakeholders, rate the quality of their relationship with each, and construct action plans to strengthen each relationship as needed. In order to stay on top of the latest trends, insights and technology, new relationships may need to be cultivated.
Good CEOs realize that their personal engagement in succession planning is essential, and the grooming of a successor takes years, not months. Potential successors need to be tested and developed through a variety of leadership roles and challenges. The same goes for the other mission-critical roles on which the organization’s future success will depend. Great CEOs lean into this imperative actively and in partnership with their boards.
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.
