'Survival, then recovery': The CEO crisis playbook
The qualities required to be a successful leader in the current economic climate are very different from those in periods of growth and optimism.
The Australian Financial Review article, “'Survival, then recovery': The CEO crisis playbook," quoted Russell Reynolds Associates Consultant Peter L. O'Brien on the difficulty for leaders to plan for the future amidst the crisis, and should instead be planning for the next two or three years. The article is excerpted below.
Chief executive candidates who go to boards with their grand 10-year vision and investment plans for the company may find themselves out in the cold.
For many companies, lofty transformation programs will need to be replaced by a short-term focus on revenue generation, cost-cutting, execution and the ability to make decisions quickly and motivate anxious staff.
Peter O'Brien, managing director of executive search firm Russell Reynolds Associates, concurs, although he says different industries will have different requirements.
"In the current environment, it is really difficult for anyone to lay out a grand vision. This is not about what the company is going to be five years out. It's about the next two to three years." says O'Brien.
To read the full article, click here.