How can you know when it’s time to start seriously scouting for a successor for your CEO?
CREDIT: This is an edited version of an article that originally appeared on Management Today
Sometimes it is clear when someone has overstayed their welcome – other times it isn’t so clear cut, especially when the bottom line isn’t suffering.
Recently in British politics, the resignation of chancellor Rishi Sunak, health secretary Sajid Javid and other ministers and aides did not convince Boris Johnson to immediately step down as prime minister. A good leader knows when they’re no longer wanted, and this requires both self-awareness and selflessness.
Here’s what three current CEOs have to say on the subject.
Ben Johnson, CEO, BML Digital
Knowing when to leave is all about knowing your strengths and weaknesses. Any business leader should constantly assess whether they’re having a positive or negative impact on the business. I’ve resigned in the past when I didn’t think I had the right experience for the next phase of growth – I found someone who did to replace me. It doesn’t need to be a negative; you should always prioritise the business over yourself.
Doug Baird, CEO, New Street Consulting Group
Leaders don’t need to wait for the warning signs; instead, they can challenge themselves to find a time to exit which suits them and their reputation. They can constantly revisit goals, questioning if original objectives are still ambitious and relevant enough in the current market.
Anthony Chadwick, founder and CEO, Alpha Vet International
You’ve overstayed your welcome if you’re not enjoying the work, you’ve lost your creative flair, business is down, and nobody likes you. It’s time to go! Better to leave than be pushed – and if you can appoint your successor, so much the better.
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