After a failed first attempt, #Starbucks #CEO Howard Schultz’s second departure announcement went much smoother. In a post for The CEO Magazine blog, I share why effective communication during a transition means more confidence from your stakeholders.
Here’s a preview of the post. (Visit the full blog post here.)
The steps necessary to mount a successful transition depend on whether the new leader comes from inside or outside of the organization. In both cases, investing time to understand and build on the relationships of the business is crucial.
Here are five keys to success for any new CEO:
- Carefully respond to and set expectations.
- Connect with employees.
- Identify and exploit quick wins.
- Get to know the influencers.
- In dire situations where market share is evaporating or where a company is losing money, a new CEO especially must act quickly.