6 Key Elements of Your Transition Into Any Executive Position

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6 Key Elements of Your Transition Into Any Executive Position

By Martin Zwilling | Inc Magazine | May 15, 2024

Extractive Summary of the Article | Listen

According to the author in his years of experience as a mentor to business professionals, he has often heard feedback from CEOs and other business leaders that the loneliness and unexpected challenges of their new roles exceeded even their wildest expectations. If you have aspirations in that direction,he urges us to do our homework before stepping into any new role, and not just trust your gut.

The author has always wished that if he could offer a formula for success in this kind of transition, so he was happy to see the guidance and specifics in a new book, The New CEO, by Ty Wiggins.  He and his managing director, Rusty O’Kelley, offer a six-phase preparation plan in anticipation of the new role, which the author has paraphrased here, with his insights added:

1. Develop a transition plan with details early. Rather than just winging it, you need to document a clearly defined sequence of meetings, decisions, and communications, reflecting your priority areas, to make the transition as smooth and transparent as reasonably possible. Work with your advisors and mentors to cover all relevant issues.
2. Communicate your priorities to direct reports. Naturally, the leaders who sit one or two levels below you often feel the greatest anxiety. A clear communication of your process and expectations, including their roles and responsibilities, is key to demonstrating your understanding and dependence on other business leaders.
3. Build relationships with every board member. Plan to meet with each board member one-on-one to develop a solid relationship, understand their views, and learn how they think. This will help you understand their expectations and operating style for you in the new role, even if you already have worked with them in previous assignments or roles.
4. Debrief predecessors and organizational leaders. This is key to learning about any important organizational relationships and the current institutional culture. It is also key to understanding the current view of company goals and strategy, both formal and informal. This familiarity will help you avoid early missteps in implementing your own objectives.
5. Learn external stakeholder objectives and concerns. Every business has external stakeholders, including suppliers, distributors, investors, regulators, and key customers. You need to build new relationships here, as well as understand their perspectives on your vision, their expectations, as well as existing company issues and concerns.
6. Assess transition progress against your plan. Make your plan a living document, with metrics to assess your progress. Update the plan as you learn new requirements and identify new challenges along the way. This will help you in resolving issues quickly and keep your focus on the strategic elements of the role, rather than the swamp of daily crises.

2 key takeaways from the article

1. Loneliness and unexpected challenges exceeded even their wildest expectations when CEOs and other business leaders assume their new roles.   If you have aspirations in that direction you need to do your homework before stepping into any new role, and not just trust your gut.
2. If not a formula for success in this kind of transition but a new book The New CEO, by Ty Wiggins offers the following guidance and specifics: develop a transition plan with details early, communicate your priorities to direct reports, build relationships with every board member, debrief predecessors and organizational leaders, learn external stakeholder objectives and concerns, and assess transition progress against your plan.

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Topics:  Leadership, Board Members, Transition, Personal Development, Startups, Entrepreneurship