Industry Expertise ≠ Leadership Expertise
Boards and stakeholders often get tied up in the “industry experience” conundrum when seeking to engage an interim leader. The truth is it really doesn’t matter if he/she knows the ins and outs about your widget. The fact is business is business . . .the key is finding a leader who can grasp the big picture, change, motivate and inspire while making the tough decisions.
Some recent examples of leadership expertise outweighing industry expertise:
• Whiteacre leading GM – knew nothing about the car industry
• Sokul tapped by Buffet to turn around NetJets – came from the energy sector
The most important question any board or stakeholder should ask of any potential interim CEO is, “How many times have you held the role of the final decision maker with accountability for the strategic, operational, financial and legal affairs of an organization, subject only to the board for approval?” Serving as a member of the leadership team doesn’t count. Acting as a surrogate to a CEO doesn’t count. Being a partner in a firm advising the CEO doesn’t count.
The ONLY thing that counts is a tested leader who has been there and done that multiple times with quantifiable results.
