Here is a really interesting article I wanted to share with you outlining a successful track to the CEO seat. Some great insight here on adopting turnarounds, taking risks and stepping sideways. Check out HBR’s, The Fastest Path to the CEO Job, According to a 10-Year Study.
This is a fascinating article. Here are a few takeaways:
- Needing a wider set of diverse competencies and backgrounds, coupled by more independent boards bringing in their own set of diverse networks and experiences, CEO’s being brought in from the outside has surged in the last several years.
- CEO Turnovers at the top 2,500 largest companies are up 16%. Industries with the highest turnover are Telecom, Energy and Materials. Most are planned (78%), some are forced and some due to M&A’s.
- Utility companies are the #1 industry most likely to hire outside CEO’s from another industry.
- Bringing in outside CEO’s is a succession planning trend that is predicated to continue – though the majority of CEO spots will still continue to be filled internally.
LOTS of gems in this in-depth article – which you can read in full here.