Stories by Kevin Coyne and Edward Coyne Snr

Surviving your new CEO

The high turnover of CEOs in the United States affects huge numbers of other executives. At the current rate, almost 50 per cent of the largest American firms will have a new CEO within the next four years. Another 25,000 newly acquired companies will also report to new leaders. If you're a senior team member in a firm with a new chief executive, your career now depends on the views of a person you may not know. What's more, your history of successes may not count for much. "Remember that you are starting over," says the internally appointed CEO of a top-10 United States insurance company. "No matter what your track record was – hey, it's different now."
Anecdotal stories of what happens to executive teams during CEO transitions are hardly comforting. Firings, organisational reshuffles and cancelled strategies result in abrupt and unwelcome career changes for a host of senior managers. If you're faced with a new CEO, three questions probably loom very large in your mind: How worried should I be? What will happen to me if I do get pushed out? If I stay on, what should I do to maximise the chances of prospering with my new boss?

Written by Kevin Coyne and Edward Coyne Snr15 Aug. 07 22:00