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The Next CEO: Board and CEO Perspectives for Successful CEO Succession PDF

227 Pages·2021·1.717 MB·English
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“A book very much based on real life. It will help each board a lot to answer one of their key challenges: ‘How to get the right CEO.’ ” Prof. Dr. Michael Süss, Chair of the Board of Directors, OC Oerlikon “Few decisions are more critical and more challenging than CEO succession. The authors offer rich insights into how the board and the CEO need to work together to ensure a successful CEO transition.” Heiner Thorborg, Headhunter “The selection of the right CEO is by far the most important task of any corporate board. The insights provided in this excellent book give the reader a good understanding of what ‘right’ means, depending on the board’s vision of upcoming challenges. At the same time, all new CEOs and their organizations will benefit from understanding the mandate given to the new CEO. I would warmly recommend this real life–based playbook for corporate board members and CEOs anywhere.” Päivi Jokinen, Chairwoman of European Women on Boards “In The Next CEO, Keil and Zangrillo provide an insightful perspective how boards and new CEOs can beat the odds of CEO succession and turn what is one of the pivotal moments for all organizations into a success. The book is full of helpful advice for boards, new CEOs, and those supporting them.” Erwin Mayr, CEO, Wieland Werke AG THE NEXT CEO Every year, companies spend billions of dollars in board time and headhunter fees on CEO searches. In fact, by many accounts, the selection of the next CEO is the single most important task of the board of directors. Yet, despite the huge amount of time, money, and attention given to the task, many CEO changes fail, with disastrous consequences for all concerned. With so much at stake, it is natural to ask what companies and their boards can do to increase the odds of success. Illustrated with an abundance of real-life examples from interviews with CEOs, C-suite members, members of the boards, and headhunters supporting CEO searches, The Next CEO explains how boards can improve the odds of success with CEO succession by identifying clear CEO mandates and associated CEO profiles and by selecting CEOs that are fit for purpose. It further explains how the CEOs of leading corporations effectively take charge and create results, providing a roadmap for incoming CEOs. These ideas are brought to life with case studies and interviews with well-known corporations such as ABB, Alibaba, Freudenberg, GE, Google, HNA, HP, Microsoft, Nestle, Nike, Nokia, Novartis, Roche, Sony, Tata, and Zurich Insurance. The book is invaluable practical reading for board members of medium-to-large-size firms involved with CEO succession, and for those preparing for their first CEO position. It is also relevant to headhunters who are involved in the process of CEO succession as a working tool for them and their clients. In addition, the book will be relevant to courses on corporate governance and strategic transformation at the executive and MBA levels. Thomas Keil is a professor at the University of Zurich, Switzerland, where he teaches strategy and international management. Marianna Zangrillo is a corporate leader, business angel, and investor, with experience in companies such as Nokia, Kemira, Swissport, and Infront Sports. THE NEXT CEO Board and CEO Perspectives for Successful CEO Succession Thomas Keil and Marianna Zangrillo First published 2021 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 52 Vanderbilt Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2021 Thomas Keil and Marianna Zangrillo The right of Thomas Keil and Maria Anna Zangrillo Gallinaro to be identified as authors of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Names: Keil, Thomas, 1970 February 6– author. | Zangrillo, Marianna, author. Title: The next CEO : board and CEOperspectives for successful CEO succession / Thomas Keil and Marianna Zangrillo. Description: Milton Park, Abingdon, Oxon ; New York, NY : Routledge, 2021. | Includes bibliographical references and index. Identifiers: LCCN 2020050934 (print) | LCCN 2020050935 (ebook) | ISBN 9780367551827 (hardback) | ISBN 9780367557003 (paperback) | ISBN 9781003094777 (ebook) Subjects: LCSH: Chief executive officers—Selection and appointment. | Chief executive officers—Recruiting Classification: LCC HD38.2 .K464 2021 (print) | LCC HD38.2 (ebook) | DDC 658.4/2—dc23 LC record available at https://lccn.loc.gov/2020050934 LC ebook record available at https://lccn.loc.gov/2020050935 ISBN: 978-0-367-55182-7 (hbk) ISBN: 978-0-367-55700-3 (pbk) ISBN: 978-1-003-09477-7 (ebk) Typeset in Bembo by Apex CoVantage, LLC CONTENTS Acknowledgments xi Introduction 1 Make or break 3 CEO mandates 5 The work of a new CEO 6 The next act 7 The structure of the book 9 PART I Boards defining the mandate and profile for a new CEO 13 1 Preparing for CEO selection 15 CEO mandates 16 Thinking strategically about the mandate 20 CEO profiles 24 CEO selection process 28 2 Continuation – more of the same 34 What are continuation mandates? 35 When do boards choose a continuation mandate? 35 viii CONTENTS Why internal candidates are a natural choice 38 Common characteristics and problems with the continuation mandate 40 3 Evolution – adaptation within boundaries 44 What are evolution mandates? 45 When do boards choose an evolution mandate? 46 CEO profiles: internal or external candidates? 47 Common characteristics and problems with the evolution mandate 50 4 Transformation – bringing the organization to the next level 54 What are transformation mandates? 55 When do boards choose a transformation mandate? 55 CEO profiles for transformation 60 Common characteristics and problems with the transformation mandate 65 5 Turnaround – breaking with the past under pressure 71 What are turnaround mandates? 72 When boards choose turnaround mandates 73 The CEO profile for turnaround mandates: external CEOs – the natural choice 74 Common characteristics and challenges with the transformation mandate 77 PART II The work of a new CEO 83 6 Mastering the strategic mandate 85 The nature of the new CEO’s work 87 The new CEO playbook 88 Supporting the new CEO 91 7 Taking charge 94 The folly of the first 100 days 96 Preparation before day one 98 Day one: managing first impressions 101 Listen rather than speaking: learning about the organization 104 Early actions 106 CONTENTS ix 8 Building a personal platform 112 Creating a strong core team 114 Empowering the core team 120 Building deep networks 122 9 Driving results 128 Establishing and communicating a compelling vision 131 An organization-wide movement for change 134 Leadership behavior 136 Pace of change 138 Sequence of actions 142 Continuous feedback and communicating progress 144 PART III The next act 149 10 The life cycle of a CEO 151 CEO life cycles 152 The initial mandate 155 Beyond the initial mandate 159 Moving on 161 11 Sustaining the succession pipeline 168 Developing a succession pipeline 169 Roles in succession planning 174 Identifying the right moment to change the CEO 176 Succession planning in different types of companies 178 Succeeding at talent development and CEO succession 181 12 The CEO of 2030 184 Implementing best practice 185 Developing and being open to a truly diverse set of candidates 186 Looking beyond linear career paths 187 Driving analytical processes through technology 189 Bibliography 193 Index 203

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Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.