ONE: ESTABLISH THE GOALS AND OBJECTIVES OF THE SEARCH.
Examine the strategic and market challenges facing the company.
Identify the leadership skills and attributes necessary to meet those challenges.
TWO: CAREFULLY SELECT THE SEARCH COMMITTEE.
Ensure that the search committee has individuals who have a deep knowledge of the company and its challenges.
Ensure that the search committee is diverse in its functional backgrounds or cognizant of its potential biases.
THREE: SEPARATE THE ROLES AND RESPONSIBILITIES OF THE SEARCH FIRM AND THE SEARCH COMMITTEE.
Enlist the entire board in gathering detailed information about candidates through trusted contacts.
Allow the executive-search consultant to mediate between the candidate and the company during sensitive compensation negotiations.
FOUR: DEFINE THE CANDIDATE POOL BROADLY.
Encourage less obvious candidates to be considered seriously.
Use the succession to break the cycle of selecting conservatively while hoping for change.
Choose the candidate who can best meet the long-term objectives of the company, not the short-term reactions of Wall Street and the business media.
FIVE: ANALYZE THE MULTIPLE FACTORS AFFECTING COMPANY PERFORMANCE.
Realize that the CEO is an important element of company performance, but not the only one.
Recognize the trade-offs involved in selecting an insider candidate vs. an outsider candidate.
SIX: CHOOSE CANDIDATES ON THE BASIS OF THE GOALS AND OBJECTIVES OF THE SEARCH.
Use the requirements of the position in guiding the selection rather than evaluate candidates against one another.
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