In this episode of Build Better Boards, hosts Dr. Keri Jacobs and Richard Fagerlin launch Season 3 with a focus on one of the board’s most critical responsibilities: selecting and supporting the CEO. Prompted by listener feedback and insights from a recent survey of CEOs, they explore how boards can better prepare for CEO transitions and strengthen their leadership acumen.
The season will explore the board’s role in CEO hiring, firing, evaluation, and succession planning.
A survey of CEOs revealed that most boards rate themselves as only moderately prepared for a CEO transition, and they view peer boards as even less prepared.
Common missteps in CEO selection include internal “good old boy” hires, favoring charisma over competence, and disregarding formal policies.
Boards often try to run CEO searches themselves due to cost or a belief they know what’s best, but may lack the needed expertise or objectivity.
Preparation begins by clarifying what kind of leader the organization needs next, recognizing blind spots, and seeking external perspectives when necessary.
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