Strive for a Four-Dimensional Perspective When Assessing and Developing CEO Successors

CEOs we talk with confirm that there is no way to fully prepare for being thrust into their role, describing something of their shock and awe when they become the focal point of the intersection of the organization’s external and internal stakeholders. It is more a career change than a promotion, so applying traditional assessment methods will likely produce inaccurate, disappointing, or even disastrous results. That is chiefly because examining criteria such as track record, experiences, skills, and results are a look in the rear-view mirror.

Boards charged with the critically important task of selecting a new CEO—one of only a handful of their primary duties on behalf of shareholders—face the challenge of assessing candidates and predicting how they will perform in a position they have never before held. That will almost always be the case with insiders, and most successful boards will promote from within when possible.