I have been on a board through the transition of the CEO twice. The first time, the board didn’t step up to make the transition plan happen after the departure of the CEO. After going nowhere for three months, we ended up hiring a consultant one day a week for $500 a day to manage the transition and the search.
Before turning to the search process, let’s ask what kind of outcome we are looking for. This is a question too often taken for granted. “Let’s get the best person we can,” people think; but it’s not that simple.
The essential challenge is not finding exactly the best CEO, but finding the right CEO for a particular ...