Chapter 1: Why is the CEO-board relationship critical in the first year?
Welcome to the Leadership Lounge, a place to kick back and listen as our experts dissect some of the biggest questions leaders face today.
Chapter 2: What should new CEOs understand about their board before starting?
I'm Emma Coombe, Leadership Advisor in our London office and host of the Leadership Lounge podcast. We're starting this year with an important topic, one that can define a CEO's early success.
Chapter 3: How can transparency and candor build trust with the board?
how new CEOs can build a productive relationship with their board. For any incoming chief executive, the board can be a powerful ally or an unexpected source of tension.
Chapter 4: What common sources of tension arise between CEOs and boards?
And the tone you set early on matters.
Chapter 5: How should CEOs manage disagreements with their boards?
So today we'll explore why the CEO board relationship is so critical in that first year of leadership. what practical steps CEOs can take to establish trust, alignment and open communication, and how to navigate inevitable differences of perspective while keeping the relationship productive.
Chapter 6: When and how should CEOs reset expectations with their boards?
Before we dive in, remember to share any questions you want our experts to answer by emailing redefiners at russellreynolds.com. We love hearing from you.
Chapter 7: What mistakes should new CEOs avoid when working with their boards?
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Chapter 8: How can the CEO-board relationship evolve over time?
Our first guest in the lounge today is Rusty O'Kelly, Leadership Advisor in Russell Reynolds Associates Florida office, and someone who is well-versed in guiding new CEOs through their first year in role and beyond. Rusty, welcome back to the Leadership Lounge.
Emma, thank you for having me. It's a pleasure.
Rusty, let's start with the fundamentals, if I may. What can a new CEO do to best prepare for the role and lay the foundations for a productive relationship with their board?
A new CEO needs to recognize that you've not had an experience like this. If you've been a president or a CFO or a business unit head, you're used to dealing with and reporting to one person. When you've been elevated to an enterprise CEO, public company, or private company, suddenly you have multiple bosses and you can get multiple perspectives.
So what's really important for a new CEO is that they take the time to meet with each board member early in their tenure. We recommend where there is some time before the official transition to start meeting with them and get to know them as people. It sends an important signal of humility. What you're trying to understand is how do they think? What motivates them? What's important to them?
What are hot button issues to them?
You're absolutely right, Rusty. And in fact, our data found that not engaging the board early in their tenure was a big regret for CEOs. 25% of new CEOs told us they wished they had engaged the board more effectively in their early days. Meeting board members one-to-one and understanding them as a person is early risk management for new CEOs.
And that often begins before you officially step up into the role. Indeed, it should have happened as part of a very well-structured interview process, but we know that isn't always the case. And there are often too many things at play to really understand where different board members are coming from.
We'd now like to welcome Anita Wingrove, Leadership Advisor in Russell Reynolds Associates Melbourne office into the conversation. Anita, welcome to the Leadership Lounge.
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