It’s generally accepted that a board of directors’ main responsibility is to hire and fire its CEO. The best boards go one step further and take an active role in acquiring, accommodating, assimilating, and accelerating new CEOs. The prerequisite to successful onboarding is getting everyone aligned around expectations before talking to any candidates. 40% of new leaders fail in their first 18 months. Onboarding new CEOs well and reducing that failure rate is one of the highest value creating activities for any board.
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