Keep pulling the thread on Fortune 500.
Thirty percent of CEOs at Fortune 500 companies last only three years in the role.
Poorly managed CEO transitions at publicly traded companies result in an estimated one trillion dollars of erased market value each year.
According to McKinsey research, almost 70% of CEOs report that they were unprepared for the role when they started.
The actions of the departing CEO predetermine approximately 30% of a new CEO's success.
The biggest regret cited by 9 out of 10 CEOs is that they did not move fast enough on talent-related decisions.
During the initial months of a new CEO's tenure, employees are more willing to provide candid feedback than they will be later on.
A common and difficult situation for an internal CEO successor is establishing their own agenda when the outgoing CEO becomes the board chair.
To avoid complacency, the best CEOs challenge their own assumptions by considering how an outside acquirer would run the company differently.
An essential capability for a CEO is to be the company's "chief storyteller" by consistently repeating a short list of core ideas.
To combat organizational fatigue and sustain performance, top CEOs introduce a bold new vision that employees can get excited about.
External CEOs can leverage their outsider status by conducting a well-designed "listening tour" to solicit candid feedback during the transition period.