New leaders are quitting in ever-higher numbers. The reason is lack of preparation.
The consulting firm Strategy& found that three-quarters of top CEOs leaving their posts for any reason last year were rookies, up from 58% in 2011. This turnover hurts everybody.
Most CEOs get the job because they’ve excelled in their careers. Unfortunately, much of what they’ve done has little to do with what they need to do now. Each day, rookie CEOs face new problems to solve—harder than the problems they’ve solved one level down.
A CEO has five main responsibilities: driving the vision; building the culture; providing the resources; making good decisions; and executing the strategy.
Aspiring CEOs need to start learning the job years in advance.
— Adapted from The CEO Tightrope: How to Master the Balancing Act of a Successful CEO, Joel Trammell, Greenleaf.