Weekly Business Insights from Top Ten Business Magazines | Week 290 | Leading & Managing Section | 1

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 290 | March 31-April 6, 2023

Stepping up: Becoming a high-potential CEO candidate

By Carolyn Dewar | McKinsey & Company | March 6, 2023

Listen to the Extractive Summary of the Article

The world’s highest peak is Mount Everest, majestically rising almost 30,000 feet above sea level. Many mountaineers spend years gaining the experience, skills, physical fitness, and mental toughness needed to make the trek, yet few make it to the top.  Despite this since the 1950s, fewer people have made it to the top of Fortune 500 companies than have scaled Mount Everest. While there is no way to guarantee success, if you’re a senior executive who aspires to the top job, the following four advice will greatly increase your odds:

1. Take a gut check of your motivations and expectations.  “Everest is not about summiting, adding to your image, the conquest of nature or of other humans,” experienced mountaineers share in a guide to climbing Mount Everest.  To climbers driven by such motivations, they say, “You will become a prisoner of other people’s judgment in your desire of proving self-worth. You will climb blinded and feel an immense failure if not summiting. Or if successful—go home, celebrate your triumph and fame, and when the lights eventually are turned towards someone else, end up empty.”   Former Cincinnati Children’s Hospital Medical Center (CCHMC) CEO Michael Fisher makes a similar point when it comes to leading organizations. “If the main reason you want to have the CEO title is for ego, that’s unlikely to be a sustainable motivator over time.”  If, however, you’re driven by a passion and vision for how you can help others climb further and faster to achieve new heights collectively, you’ll more than likely end up on a deeply fulfilling adventure. 
2. Elevate your perspective while boldly delivering results.  As your candidacy for the top job develops it’s vital that you keep the following actions in mind:  don’t miss a step on the dance floor—deliver on your day job; climb onto a higher balcony to hone your view of the future, the company, and the company’s stakeholders; and be bold, whether on the balcony or the dance floor.
3. Round out your profile with humility.  We often predisposed to view our actions favorably or interpret events in a way that’s beneficial to us. As an aspiring CEO candidate, it’s important to have the humility to recognize your inherent self-serving bias and counteract it: objectively assess your capabilities versus what’s needed; fill your skill gaps and gauge your progress on the way; and refuse to play politics in the process.
4. Understand the CEO selection process and put your best foot forward.  take it very seriously, and so should you. Prepare; prepare; prepare.”

3 key takeaways from the article

1. The world’s highest peak is Mount Everest, majestically rising almost 30,000 feet above sea level. Many mountaineers spend years gaining the experience, skills, physical fitness, and mental toughness needed to make the trek, yet few make it to the top.  Since the 1950s, fewer people have made it to the top of Fortune 500 companies than have scaled Mount Everest. 
2. While there is no way to guarantee success, if you’re a senior executive who aspires to the top job, four advices will greatly increase your odds: take a gut check of your motivations and expectations, elevate your perspective while boldly delivering results, round out your profile with humility, and understand the CEO selection process and put your best foot forward.

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Topics:  Leadership, CEO, Success