Class 8: Staying at the Top (But Not Too Long)—The Five Challenges All CEOs Must Master
In this chapter we have come full circle as our focus turns once again to the question: what makes a good CEO? However, this time, we are looking at it from the point of view of the CEO legacy.
Business bosses need to recognise and deal effectively with challenges of loneliness and keeping in touch with reality. We recommend that CEOs stay long enough (seven to ten years) to deliver a sustainable return to shareholders and beat the competition, continuing to learn so as not to become stale all the while. However, they should also leave “on time” with the company in far better shape than when they started. And an essential part of this is preparing and selecting a successor.