Insights and analysis about what it takes to reach the CEO role around the world.
Route to the Top
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01 Overview
02 highlights
03 Methodology
05 View PDF
03 References
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For many years, Heidrick & Struggles has carefully studied the paths leaders have traveled on the journey to becoming CEO. Our research highlights trends related to functional experience, age, tenure, race or ethnicity, gender, and education; we’ve looked at how journeys differ by industry, geography, and size of company; we’ve observed shifts in whether companies promote from within or hire from the outside; and more.
One thing our Route to the Top research points to is the importance of well-rounded experience. If you are a commercial leader, a stint in finance and investor relations is helpful. If you are a finance executive, time spent with customers and managing a commercial P&L is beneficial. And experience in the functions and geographies most material to the long-term success of the business always helps, of course. Our data also reflects the world around us: longer-term trends toward greater diversity, short-term pivots in response to difficult economic environments, and more.
01 Overview
Today’s CEO: The growing
importance of character, learning,
and leading in a contested world
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Our analysis shows that 40% of all globl CEOs stepped into the role directly from one of three roles.
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Heidrick & Struggles’ CEO & Board Practice has been built on our ability to execute top-level assignments and counsel CEOs and board members on the complex issues directly affecting their businesses.
We pride ourselves on being our clients’ most trusted advisor and offer an integrated suite of services to help manage these challenges and their leadership assets. This ranges from the acquisition of talent through executive search to providing counsel in areas that include succession planning, executive and board assessment, and board effectiveness reviews.
Our CEO & Board Practice leverages our most accomplished search and leadership consulting professionals globally who understand the ever-transforming nature of leadership. This expertise, combined with in-depth industry, sector, and regional knowledge; differentiated research capabilities; and intellectual capital, enables us to provide sound global coverage for our clients.
About Heidrick & Struggles’ CEO & Board of Directors Practice
Leaders of Heidrick & Struggles' CEO & Board Practice
Bonnie Gwin
Global managing partner
bgwin@heidrick.com
Jeffrey Sanders
Global managing partner
jsanders@heidrick.com
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But while this data provides useful insight, it does not adequately capture the growing importance of motivation, character, learning, and leadership in the CEO selection process. The route to the top is more than a set of statistics; it is about the personal journeys these leaders follow and the governance systems that ensure their success.
So, in what follows, we go beyond the observable data to take a closer look at the personal qualities and specific leadership skills demonstrated by successful candidates. What drives them to engage as an internal or external candidate for the top role? What can boards learn about candidates’ character during the succession process? How open are they to learning new ways of leading? In an age where more is at stake, more is uncertain, and more is expected of the CEO, and when strong undercurrents of division and polarization can threaten organizational and market progress, what specific skills are required of CEO candidates?
Finally, we examine the role the governance environment plays in encouraging and supporting the development and selection of a new CEO—and, ultimately, the success of the organization.
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Acknowledgments
Thanks to the following Heidrick & Struggles colleagues for their contributions to this report: Alice Breeden, Les Csorba, Marie-Hélène De Coster, Bonnie Gwin, Jeremy Hanson, David Hui, Jonathan McBride, Jeffrey Sanders, Atif Sheikh, Claire Skinner, and Lyndon Taylor.