Recruiting Your Next Ceo: Practical Advice for Canadian Boards
Ivey Business Journal Online › Vol. 72 Nbr. 3, May 2008 › Feature Article
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Summary
In almost every organization, appointing the right CEO is crucial to success. Although certain recruiting practices around the world are similar, a number of them differ from country to country. In Canada, there are two reasons why Canadian boards so frequently recruit CEOs externally. Transparency is one reason and size is the other reason. The following advice should help recruit top candidates and, importantly, avoid losing good candidates: 1. Decide which recruiting approach is best for your position. 2. Confirm candidate interest and 'pre-commit' candidates to accept your position. 3. Plan a Short List interview in detail. 4. Develop a list of interview questions well in advance. 5. Reserve a portion of the second interview for issues that arose during the first interview. 6. Decide the content of the third interview after the first two interviews. 7. Schedule a board meeting soon after the Short List interviews. A well-structured approach in choosing a CEO can do much to eliminate error and enhance the likelihood of a positive outcome.
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Recruiting Your Next Ceo: Practical Advice for Canadian Boards
Recruiting and identifying the next CEO are fraught with risk. But while the risks are known, they can also be managed, so that in the end, the board and its search committee feel strongly that the individual they have chosen will prove to be the right choice. This author conducted extensive research on CEO recruitment and he shares his findings and advice with readers.
In almost every organization, appointing the right CEO is crucial to success. Although certain recruiting practices around the world are similar, a number of them differ from country to country.For example, consider the percentage of CEOs chosen from candidates inside the organization versus those recruited on the outside:* In the United States, a number of studies suggest that approximately two-thirds of CEOs came from inside their organizations.* In Canada, by contrast, my research indicates that the percentage of CEOs who had been internal candidates varies widely. In the private sector, among the largest 50 companies ranked by revenue, fully 80 percent of CEO appointments are internal. Among companies ranked 400 to 500 in size, however, the proportion drops to 50 percent. Outside the private sector, the percentage...See the full content of this document
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