Fortune 500 CEO Succession

A Fortune 500 consumer products company faced a planned CEO succession as their long-tenured chief executive approached retirement. The board wanted to conduct a comprehensive search that considered both internal candidates and external leaders, while managing the process with sensitivity given the high-profile nature of the role.

The search required balancing multiple priorities: finding a leader who could drive continued growth, managing the optics of a very public transition, and ensuring the process was fair to strong internal candidates while still exploring the full market.

We worked closely with the board's search committee to design a rigorous but efficient process. Our approach included:

Comprehensive Specification: Deep engagement with board members individually to understand not just skills requirements, but leadership style preferences, strategic priorities, and cultural considerations.

Parallel Tracks: Simultaneous evaluation of internal candidates and external market research, ensuring neither track compromised the other. Internal candidates received the same rigorous assessment as external candidates.

Confidential External Outreach: Discrete outreach to potential external candidates, many of whom were sitting CEOs themselves. This required exceptional sensitivity given the profile of the role.

Structured Assessment: A common evaluation framework applied to all candidates, internal and external, ensuring apples-to-apples comparison and objective decision-making.

Board Alignment: Regular updates to the full board to ensure alignment and build confidence in the process. Managed the dynamic of having strong opinions on the committee while maintaining process integrity.

The board ultimately selected an internal candidate, a division president who had been with the company for 15 years. However, the comprehensive external search gave the board confidence that they had truly selected the best candidate, not just the convenient one.

The outgoing CEO remained for a six-month transition period, ensuring smooth handoff of relationships and knowledge. Two years post-transition, the company has delivered strong performance under new leadership.