Post by arfanho7 on Feb 23, 2024 18:57:36 GMT -8
These internal candidates with some outsider views have a more objective and independent view about how your company needs to change and adapt. Executives with the right mix of Insider and Outsider attributes Bower claims are likely to do a better job and create more economic value as CEO. I agree but CEO selection is more complex for family companies. Options for Family.
Companies In family companies you also have the choice of family and non family successors giving you four broad choices for CEO successors Each CEO type brings benefits and has some potential drawbacks. The Family Insider Family Insiders like Cargill’s Whitney MacMillan and Axel Dumas of Hermès see Fig. are the traditional and preferred choice of successor in most family companies. They have the Egypt WhatsApp Number List backing of the owners and bring to the job a deep understanding of the company. They understand how things get done in the company. But Family Insiders are not always the right choice. Family Insiders often have difficulty changing the business model. Significant change often requires letting some loyal people go and leaving some of the company’s long standing practices. In a fast changing industry such changes are more common.
The Family Outsider Family Outsiders who make good like Alejandro Birman whose startup was so successful that it added more than million to the sales of his family’s shoe company Arezzo. Or like Tony Simmons See Fig. who built a manufacturing company for Manitowoc Cranes as an Outsider CEO before buying that company and selling it then being recruited by his family’s fifth generation hot sauce maker McIlhenny Company. These family members have the right values and they respect the strengths of the company but are aggressive change agents.
Companies In family companies you also have the choice of family and non family successors giving you four broad choices for CEO successors Each CEO type brings benefits and has some potential drawbacks. The Family Insider Family Insiders like Cargill’s Whitney MacMillan and Axel Dumas of Hermès see Fig. are the traditional and preferred choice of successor in most family companies. They have the Egypt WhatsApp Number List backing of the owners and bring to the job a deep understanding of the company. They understand how things get done in the company. But Family Insiders are not always the right choice. Family Insiders often have difficulty changing the business model. Significant change often requires letting some loyal people go and leaving some of the company’s long standing practices. In a fast changing industry such changes are more common.
The Family Outsider Family Outsiders who make good like Alejandro Birman whose startup was so successful that it added more than million to the sales of his family’s shoe company Arezzo. Or like Tony Simmons See Fig. who built a manufacturing company for Manitowoc Cranes as an Outsider CEO before buying that company and selling it then being recruited by his family’s fifth generation hot sauce maker McIlhenny Company. These family members have the right values and they respect the strengths of the company but are aggressive change agents.