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On Becoming an Effective and Enduring CEO

"Oh yeah, I definitely feel out of my depthcharter.... Is it just a wall-hanging, or a
at times. But I think that if you don'tcode they live by?A. Quiz board members on
occasionally feel out of your depth you'retheir knowledge of the charter and answers
either not growing anymore, or you're kiddingwill provide your first clue.Q. Do board
yourself, or you're not pushing themembers seem "tenured" or do board members
organization hard enough." Comment inchange according to the skill mix needs of
Unlimited from Grainne Troute - CEOthe organization's life-cycle?A. Very easy to
McDonalds. Grainne has an HRsee how long each board member has
background.Potential CEO's come from a muchcontinuously served and whether board members
wider range of business disciplines than evenhave to retire by rotation and offer
five years ago and perhaps CEO applicants canthemselves for re-election, and whether after
benefit from my real-world, in-the-trenchessay two terms they have to stand down for one
questions and experiences on both sides ofcomplete term.Q. Does the Board go through a
the CEO fence. If you have had a careerformal  evaluation  process?
largely in one discipline to this point then
these questions will enable you to think ofWhole  Board?
the CEO role in broader terms.Questions, many
of which are in the considered "soft" areas,Chairman?
have potential answers that will help you
make a balanced decision as to whether yourIndividual Board members?A. If not, why not?
potential career move will be a good fit, andPerhaps it has never occurred to them,
if so, increase your chances for success inperhaps the Board is too new or perhaps it is
the  role.considered too threatening by individual
Board members.Q. What are the sacred
The alternative?I describe it as thecows?A. I am pleased to report that in most
"eighteen-month club." You are hired, thecases there are none. However, understand
board has great expectations on sales andwhether there are any sacred business
profit growth..... you make the right noises,processes, unprofitable/low-profit customers
six months go by, twelve months and the boardyou are "requested" to retain, or any
starts questioning "Where are the results?"untouchable personnel.Q. Why did they
and by eighteen months you are in theconsider making the job offer to you?A. Job
departure lounge along with 15-20% of thedescriptions are broad and so what
CEO's from the Fortune 1,000. You havespecifically out of your background is it
joined the eighteen-month club!So it is timethat they think you will do?Were they looking
to start probing:Q What stage in the businessfor a celebrity CEO, someone who will build a
life-cycle is the organization in?Initialleadership team, a consensus builder or
high-growth; maturity; decline or the startsomeone who will drive change? Roles are
of the 2nd growth cycle? Is there widespreadbroadly characterised as growth navigators;
recognition and acceptance by individualexecution maestros; turnaround surgeons or
board members of the life-cycle stage?Q.business model transformers.Do you think they
Does the company strategy have a long-termwill want you over the longer term, or will
sustainable competitive advantage? How dothey transition to someone else once their
you know?A. Instead of just relying oninitial goal with you is met?Q. Have they
information provided, have you completed astructured your proposed compensation package
S.W.O.T? Talked to customers andfor growth or stability? Do they want you
ex-customers? Talked to competitors?for the long term?A. An easy way to determine
Searched the internet? Found industry trendthe answer to the first question is to look
information? Looked at benchmarkedat what percentage of the package is at risk?
data?Q. Has the business model passed itsTwenty to thirty percent probably means that
"use-by" date?Aggregators, e-commerce, newthey are looking for high growth. That said;
competitors or technology may all have had amake sure you can control all KPI's. For
major negative impact on the business. Doesexample if there is a percentage related to
the board truly recognise it or are theyEBITDA growth and you are in a service
still in denial and in the mode of trying tobusiness will they let you change staffing
make a silk purse out of a sow's ear?Haveratios to improve profitability?A balanced
they considered a Greenfields approach to theapproach is to weight a portion for sales and
development of a business plan?"If I werecustomer growth, net profit improvement, plus
starting the business today would we doa percentage for business reinvestment. BP
business the same way?"If not, then the boardis the best example of this balanced approach
should have directed the development of ato senior executive compensationQ. Is there a
business plan recognising: industry trends,stock option component?A. How will it be
new technology, competitors, factorstriggered? After KPI's are achieved, after a
impacting on the business model, geographicset time period, or at the discretion of the
factors related to sales and support andboard? Are they just holding out a "future
traditional and non-traditional competitors.promise" or is it a genuine offer? What is
e.g., in the check printing businesstheir track record in this area?Q. Finally,
considering the impact of credit and smartwhat is the board attitude to people? Do
cards.Q. Has the board gone through thethey have a view that "people are our most
cost-cutting phase, or are they locked intoimportant asset" or do they view staff as a
ongoing cost-cutting?A. No-one ever downsized"cost of business" or some point in between.
to greatness. During the process ofDo they believe in investing in
downsizing trust and morale typically arepeople?A. Unless you have the ability to
destroyed. Unless the board is focussed onhire, motivate and retain the strongest team
re-growth strategies and not furtherthen the business is likely to remain a "me
cost-cutting, then I would suggest that yourtoo" company with higher than average staff
tenure will be short-lived as you will not beturnover usually accompanied by low customer
demonstrating additional profit from newsatisfaction.This implies the right culture,
business acquisition.Q. Is the board focussedvalues and at least being in the top one
on the short or long-term?While the board maythird in compensation bands for your
talk about being "in it for the long-haul"industry.The first 103-daysThis is the most
look at what shareholders and board memberscritical time following your appointment and
have done in other situations. Are theycertainly sets the future culture under your
long-term players or typically just lookingregime. Clearly before you start your new
for a quick return?Q. Will there be arole, and with your now good knowledge of the
business reinvestment strategy or is there acompany time should be spent on your Action
single-minded focus on shareholder returnsPlan for the first 90 days at least.This plan
right now?A. To this point there may not havewill include further fact-finding, meeting
been calls to reinvest in the business. Apersonnel, understanding production and
leading question to ask then is: "What hasdistribution processes or service offerings,
been their track record either in this ormeeting both current and former customers or
other business interests?"Q. Is it a publicclients and suppliers. Good information on
or private company?If private, who are thewhich to base your plan.However, do not
key shareholders? It is important to meetunderestimate the need to create a support
one-on-one with each of them to consider suchnetwork and build a coalition around your
things  as:strategy and implementation plans. No single
person can successfully grow a business.
- is  there  a  dominant  personality?Identify and groom your motivated
torch-carriers.Conclusion:Your success as a
- will  they  let  the  chair do their job?CEO is not totally dependant on positive
answers to these questions.In addition to
- has the board been "stacked" or are therebeing experienced, well-educated and
the right disciplines to take theintelligent and articulate you must have the
company  forward?ability to inspire others.This involves a
highly developed social quotient to move
- will directors do what is right for thequickly and successfully in a complex,
company, or dosome board members pursuemulti-layered and fast-paced environment. So
personal  agendas?it is now time to hone your skills of
empathy, integrity, stamina and flexibility
- will primary shareholders continuallyin a variety of business and social
second-guess theCEO by calling in regularlysituations.After all, you must become the
at offices or taking staff tosocial eventspassionate torch-carrier for your new
etc?organization.Denis Orme Founder Performance
Leader of the Leadership Success Institute,
- Is the owner or dominant shareholder anhe has been heavily recruited by start-up
entrepreneur?Typically they are short-termbusinesses through to Fortune 500 companies
players, not interested somuch in planningto analyze operations, develop and implement
and have a "Do it - fix it" mindset.Q. Doeschange management and repositioning
the board truly understand their role?A. Mystrategies, and return organizations to
experience with private corporations insustainable profitable long-term growth.Cited
particular is that the board does not stickin Who's Who in Emerging Leaders, Who's Who
to strategy design, and then evaluate the CEOin Sales and Marketing and Who's Who in
on his or her execution of that strategy.Industry  and  Commerce.
Too much time is spent debating operations.
This discussion does little to ensure theHe has received leadership awards from the
long-term profitable operation and marketAmerican Lung Association, Business
superiority of the business. Again, using myVolunteers for the Arts and the Greater
experience this is not such a factor inHouston Partnership.
public corporations.Q. Governance



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