The qualities that make CEOs look good to boards have little to do with what actually makes them successful in the role.
one to fill. From 2000 to 2013, about a quarter of the CEO departures in the500 were involuntary, according to the Conference Board. The fallout from these dismissals can be staggering: Forced turnover at the top costs shareholders an estimated $112 billion in lost market value annually,of the world’s 2,500 largest companies showed. Those figures are discouraging for directors who have the hard task of anointing CEOs—and daunting to any leader aspiring to the C-suite.
Our team of 14 researchers—made up of psychologists; economists led by Professor Steven N. Kaplan at the University of Chicago and Professor Morten Sørensen of Copenhagen Business School; statisticians; financial markets experts; and data scientists at SAS and NYU—analyzed interview transcripts for a broad set of attributes, including education, tenure, and industry experience.
But our most important discovery was that successful chief executives tend to demonstrate four specific behaviors that prove critical to their performance. We also found that when boards focus on those behaviors in their selection and development processes, they significantly increase their chances of hiring the right CEO.
Bowe motivates himself to act on decisions by framing things this way: “I ask myself two questions: First, what’s the impact if I get it wrong? And second, how much will it hold other things up if I don’t move on this?” That approach, he says, also inspires his team members to trust their own judgment on operational decisions—which is critical to freeing the CEO up to home in on fewer but more important decisions.
When interacting with stakeholders, CEOs like Bell are acutely aware of how their moods and body language can affect the impact of their communications. Though much has been written aboutnew CEOs are often surprised by the unintended damage that can be caused by a stray word or gesture. “Every comment and facial expression you make will be read and magnified 10 times by the organization,” says Kaufman.
Most CEOs know they have to divide their attention among short-, medium-, and long-term perspectives, but the adaptable CEOs spent significantly more of their time—as much as 50%—thinking about the long term. Other executives, by contrast, devoted an average of 30% of their time to long-term thinking. We believe a long-term focus helps because it makes CEOs more likely to pick up on early signals.
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