The 8 Secrets Behind Successfully Hiring a CEO For Your Company

hiring a CEO is a huge decision

Hiring a CEO is a monumental decision. Getting it wrong can mean millions or billions down the drain, or even the end of your company. It’s critical to do your research and make the right hiring decision.

Here are 8 secrets to successfully hiring a CEO. Follow these tips to bring on a leader who will uplevel your company for years to come.

  1. Start Early

Hiring a CEO can take anywhere from 3-8 months, so you’ll need to start in advance. You want to begin looking for your next leader before you need her. 

Once your company decides succession needs to occur, here are parts of the process that need to be worked out:

  • How to actually hire a CEO
  • Sourcing
  • Interviews
  • Search leaders
  • Vetting candidates
  • Compensation packages
  • Start date
  • Resources to ensure the new CEO’s success during the transition

While you can work out some of these aspects as you go, most should be determined ahead of time. This article will nail down objective one, clarifying how one goes about hiring a CEO. We’ll give you tips on some of the others, too.

  1. Keep an Open Mind

It’s easy to fall back on biases and assumptions, especially when hiring a CEO. However, an organization’s objectives can shift on a dime in today’s fast-paced corporate world, and assumptions are frequently thrown out. Thus, it’s imperative to keep an open mind when searching for your next leader.

Your next CEO may not currently be a CEO, and that’s okay. Never assume that the best CEO for your company is one who ran another company or is at the top of everyone’s minds. You want to give the decision-makers options, including external, non-CEO candidates.

There are many instances of successful CEOs who had never been close to the CEO level before. These include Bill Gates, Larry Page, Frank D’Souza (Cognizant), and Michael Dell. Search far and wide to ensure an ideal CEO selection process.

  1. Build a Diverse Group of Search Leaders

While hiring a CEO is the decision of your company’s board, you’ll need to pick directors who spearhead the process. The leaders you choose bear a significant impact on the CEO selection criteria and processes used.

First, focus on finding search leaders who’ve earned the trust of their colleagues. These are frequently board chairs, leaders, or former CEOs with proven business prowess. 

Other leaders should add objectivity. These are the people who ruthlessly ask questions to get to the truth and are adamant about not “going with your gut.”

Finally, you’ll want search directors who have solid networks and can source external candidates effectively. Ideally, they are willing to look at levels below the CEO to produce a diverse pool of candidates.

Ultimately, these leaders should be diverse in experience, thought, and demographics so they can bring together various perspectives and make decisions that are as unbiased as possible.

  1. Figure Out Your Company’s Future First

Hiring a CEO who hasn’t a clue the direction your company needs to go sets them up for failure or, at best, a lack of clarity. 

CEO recruitment means coming up with a clear vision for the company moving forward; you’ll need to hire a candidate who you best believe can fulfill that vision based on past performance and references.

You can think about which areas of your company are lacking and holding it back. Identifying these and allowing your future CEO to rectify them helps take your business to the next level. This can include:

  • Strategic acquisitions
  • Improved time management
  • Better social media presence and company image
  • Improving company culture
  • Stronger hiring processes

You should establish these goals over short- and long-term scales, including quarterly, semi-annually, and annually, as well as further into the future.

  1. Nobody, Not Even Your Next CEO, is Perfect

One of the biggest mistakes any company can make when hiring a CEO is searching for the perfect candidate who can do it all. Nobody can do everything perfectly. 

With this in mind, know that candidates will have some weaknesses or flaws no matter which one you hire. Your job is to pick the person who you think, overall, maximizes the chances of taking your company to the next level. 

Instead of throwing out excellent candidates because they have weak spots, do what you can to support your new CEO by filling their gaps. For instance, if this person is particularly weak at finance and has struggled in the past, you can hire a CFO who compliments them.

Don’t expect any CEO to be perfect.

Related: 10 Traits For The Best And Most Impactful Executive Leadership Possible

  1. Get First-Hand Opinions on Candidates

You’ll want to understand what it’s like to work with your new CEO before hiring them. To get an accurate picture of who your top candidates are, you’ll want to check with multiple verified sources. Even a handful of these sources is better than tens of references who never worked closely with the candidate.

Beware that, sometimes, you can be given false information. That’s why the number and closeness of references matter during the CEO selection process.

  1. Don’t Neglect Future Candidates

When hiring a CEO, don’t forget about internal top-performers who may be passed up. These are the top employees at your company who’d make a strong contender for the open position but who you may not want to hire yet.

To prevent these people from leaving, you’ll want to work hard to retain their presence at your company. This may require extra compensation or other incentives to keep them around. Being passed up for CEO is a tough pill to swallow, and you don’t want to lose extremely talented (potential future CEOs) as a result. 

  1. Use an Executive Search Firm

The impact of hiring the wrong CEO is tremendous. At global companies, the wrong CEO can cost a company $100 billion. Further, 39% of investors are likely to sell stock based on the CEO, but only 19% are willing to buy it based on the CEO’s reputation. Suffice it to say, this is not the time for a hiring mistake.

Significantly improve your odds of success when hiring a CEO by using an executive search firm. These are teams with extensive networks and decades of experience hiring leaders. 

On the hunt for your next leader? Jennings Executive can help you pick the perfect CEO. We specialize in hiring executives for a select few industries. Learn more today.

Final Word

Now that you know the secrets behind successfully hiring a CEO, it’s time to get started. CEO recruitment is a long, involved process, but the results pay off well into the future when done correctly.

Best of luck!

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Brian Banister

EXECUTIVE RECRUITER

BRIAN BANISTER IS AN EXECUTIVE RECRUITER AT JENNINGS EXECUTIVE SEARCH.

BRIAN HAS A BROAD RANGE OF EXPERIENCE, HAVING WORKED IN STRATEGY & CORPORATE DEVELOPMENT, FINANCIAL PLANNING & ANALYSIS, AND PUBLIC ACCOUNTING ROLES FOR LEADING COMPANIES AND CLIENTS IN THE HOSPITALITY, REAL ESTATE, MANAGEMENT CONSULTING, AND TECHNOLOGY, MEDIA, AND TELECOM (TMT) SECTORS.

HE BEGAN HIS CAREER AT DELOITTE & TOUCHE, WORKING AS A LICENSED CPA. AFTER DELOITTE, BRIAN PIVOTED INTO CORPORATE FINANCE, WHERE HE HELD POSITIONS IN STRATEGY & CORPORATE DEVELOPMENT AT INTERCONTINENTAL HOTELS GROUP (IHG) AND COX COMMUNICATIONS, AS WELL AS AN FP&A ROLE AT BOSTON CONSULTING GROUP (BCG). THESE ROLES ALLOWED BRIAN TO GAIN VALUABLE EXPOSURE IN AREAS LIKE CLIENT SERVICES, STRATEGIC CONSULTING & PLANNING, FINANCIAL ANALYSIS, AND M&A AND INVESTMENT ACTIVITY. HIS BACKGROUND, COMBINED WITH A PASSION FOR BUILDING LONG-TERM, VALUABLE RELATIONSHIPS, HAS LED HIM TO PURSUE A CAREER AS AN EXECUTIVE RECRUITER.

BRIAN’S EDUCATION INCLUDES BOTH A MASTER OF ACCOUNTANCY DEGREE AND A BACHELOR OF BUSINESS ADMINISTRATION IN ACCOUNTING DEGREE FROM THE UNIVERSITY OF GEORGIA.

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DRIVING TRANSFORMATION THROUGH PEOPLE IS OUR MISSION AND LORI’S PASSION AS AN EXECUTIVE RECRUITER WITH JENNINGS EXECUTIVE SEARCH. SHE CONDUCTS THOROUGH RESEARCH ON EACH ROLE AND BUILDS STRONG RELATIONSHIPS WITH CANDIDATES TO HELP CONNECT PROFESSIONALS WITH THEIR NEXT GREAT OPPORTUNITY.

LORI SPENT 22 YEARS AT A FORTUNE 500 INSURANCE COMPANY IN PRODUCT MANAGEMENT, SALES/BUSINESS CONSULTING, AND RECRUITING ROLES. SHE USES THIS EXPERIENCE AS SHE SEARCHES FOR THE BEST TALENT TO HELP DRIVE CLIENT SUCCESS FORWARD. SHE’S FOCUSED ON DELIVERING RESULTS AND GETS THERE THROUGH DISCIPLINED AND TENACIOUS HARD WORK WITH AN EMPATHETIC, COMPASSIONATE, FUN, GENUINE, AND POSITIVE APPROACH. SHE HAS BEEN INSTRUMENTAL IN HELPING CLIENTS ACHIEVE BUSINESS OBJECTIVES THROUGH UNDERSTANDING NEEDS, CREATING INDIVIDUAL, DATA-DRIVEN SOLUTIONS, AND SOLVING PROBLEMS, AS WELL AS POSITIVE RELATIONSHIP BUILDING AND TEAMWORK.

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JUSTIN GRAVES IS AN ACCOUNT MANAGER AT JENNINGS EXECUTIVE SEARCH.

JUSTIN HAS A VARIETY OF EXPERIENCE WORKING WITHIN PUBLIC AND INDUSTRY ACCOUNTING. HE BEGAN HIS CAREER WITH PATHSTONE FAMILY OFFICE PREPARING TAX RETURNS FOR HIGH NET WORTH INDIVIDUALS AND CORPORATIONS IN THE ATLANTA AREA. IN JANUARY 2015, HE JOINED COHNREZNICK, LLP, A TOP 10 PUBLIC ACCOUNTING FIRM, IN AUDIT & ASSURANCE WORKING PRIMARILY IN THE COMMERCIAL REAL ESTATE AND HOUSING MARKET. PRIOR TO JOINING JENNINGS EXECUTIVE SEARCH, JUSTIN WORKED AT FAST GROWING TECHNOLOGY COMPANY, SS&C TECHNOLOGIES, WHERE HE WORKED IN THE REAL ASSETS DEPARTMENT DOING FUND ADMINISTRATION. JUSTING BRINGS OVER 4 YEARS OF TAX AND INDUSTRY EXPERIENCE.

JUSTIN GRADUATED WITH A BACHELORS OF SCIENCE DEGREE IN ACCOUNTANCY FROM OGLETHORPE UNIVERSITY, MAY 2014, IN ATLANTA, GA.

Justin Jennings

EXECUTIVE RECRUITER

JUSTIN JENNINGS IS AN EXECUTIVE RECRUITER AT JENNINGS EXECUTIVE SEARCH. HE COMES FROM THE HEALTHCARE INDUSTRY WITH 15 YEARS OF MEDICAL SALES EXPERIENCE. HE ATTRIBUTES HIS SUCCESS IN SALES TO LISTENING AND LEARNING FROM HIS CUSTOMERS AND ENJOYS THE PROCESS OF SOLVING PROBLEMS. HE IS SKILLED AT DEVELOPING THE RIGHT ACTION PLAN FOR EACH OF HIS CLIENT’S UNIQUE NEEDS AND COMMITTED TO HELPING THEM CHOOSE THE BEST SOLUTION.

JUSTIN HAS TAKEN HIS SPIRIT AND PASSION FOR SELLING TO THE WORLD OF RECRUITING. HE HAS A GOAL OF SURPASSING HIS CLIENT’S EXPECTATIONS AND ASSISTING THEM WITH TALENT ACQUISITION.

JUSTIN GRADUATED WITH A BACHELOR OF SCIENCE IN MANAGEMENT FROM GEORGIA INSTITUTE OF TECHNOLOGY. WHEN NOT AT WORK, YOU CAN FIND HIM ON HIS MOUNTAIN BIKE, THE GOLF COURSE, OR SKIING OUT WEST IN THE WINTERS.

Chip Locke

PRACTICE LEAD, TECHNOLOGY RECRUITING

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CHIP BRINGS 15 YEARS’ EXPERIENCE IN TECHNOLOGY AND TECH RECRUITING INCLUDING HANDS-ON WORK AS A SOFTWARE DEVELOPER AND BIG 4 SYSTEMS CONSULTANT. HE IS A TRUSTED CIO ADVISOR WITH EXPERIENCE ACROSS INDUSTRY VERTICALS AND A DEEP UNDERSTANDING OF TECHNOLOGY PLATFORMS AND THE FUNCTIONAL AREAS OF DELIVERY THAT ENABLE BUSINESS OPERATIONS. HIS EXPERIENCE INCLUDES RECRUITING EXECUTIVES AND COLLABORATING WITH THEM FOR THE STRATEGIC PLANNING AND IMPLEMENTATION OF IT ORGANIZATIONS. CHIP TAKES HIS ROLE AS SEARCH PARTNER SERIOUSLY, AND AS A TRUE PARTNER, HOLDS HIMSELF AND HIS TEAMS ULTIMATELY ACCOUNTABLE FOR DELIVERING ON CLIENTS’ HIRING GOALS.

HIS CLIENT SUCCESS STORIES CAN BE FOUND AT COMPANIES RANGING IN SIZE FROM STARTUP TO FORTUNE 500 ACROSS AVIATION, ENERGY, FINANCE, HEALTHCARE, HIGH-TECH, MANUFACTURING, RETAIL AND TELECOMMUNICATIONS.

CHIP GRADUATED FROM THE UNIVERSITY OF GEORGIA WITH A BACHELOR OF BUSINESS ADMINISTRATION DEGREE IN MANAGEMENT INFORMATION SYSTEMS.

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PARTNER

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HE BEGAN HIS CAREER AT DELOITTE & TOUCHE IN AUDIT AND ENTERPRISE RISK SERVICES, WITH A FOCUS ON THE FINANCIAL SERVICES AND REAL ESTATE INDUSTRIES. AT DELOITTE, BRIAN GAINED VALUABLE CORPORATE EXPERIENCE WORKING WITH A MULTI-BILLION DOLLAR PUBLIC MORTGAGE SERVICING CORPORATION, AND A NOT-FOR-PROFIT FOUNDATION WITH OVER $10 BILLION IN ASSETS. BRIAN HAS PASSED ALL FOUR SECTIONS OF THE CPA EXAM ON HIS FIRST ATTEMPT.

BRIAN’S EDUCATION INCLUDES A MASTER OF ACCOUNTANCY FROM KENNESAW STATE UNIVERSITY AND A BACHELOR OF BUSINESS ADMINISTRATION IN ACCOUNTING FROM GEORGIA COLLEGE & STATE UNIVERSITY.

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FOUNDER / MANAGING PARTNER

JON JENNINGS IS THE FOUNDER AND MANAGING PARTNER OF JENNINGS EXECUTIVE SEARCH. ESTABLISHED IN 2014, HIS VISION WAS TO SHAPE A FIRM ANCHORED IN TRANSPARENCY AND VALUE CREATION. OVER THE YEARS, JON HAS HAD THE DISTINCT OPPORTUNITY TO ENGAGE WITH AND LEARN FROM LEADING INDUSTRY EXECUTIVES, GLEANING INSIGHTS FROM THEIR EXPERIENCES AND COMBINING THIS KNOWLEDGE WITH THOROUGH RESEARCH. THIS HAS EQUIPPED HIM TO OFFER A DEEPER, MORE STRATEGIC PERSPECTIVE ON ORGANIZATIONAL DESIGN AND TALENT IDENTIFICATION.

FROM INITIALLY SPECIALIZING IN FINANCE, JON DOVE INTO PRICING AND EVENTUALLY INTO MORE BROAD COMMERCIAL STRATEGY. BY 2017, HE RECOGNIZED THAT EFFECTIVE PRICING STRATEGY HARMONIOUSLY MERGES FINANCE, PRODUCT, MARKETING, AND SALES. HE DISCERNED THAT PRICING, WITH ITS INTRICATE MIX OF ART AND SCIENCE, HAS THE TRANSFORMATIVE POWER TO IMPACT NOT ONLY PROFITS BUT ALSO MARKET DYNAMICS AND AN ORGANIZATION’S OVERALL IDENTITY. TODAY, JON, TOGETHER WITH HIS EXPERIENCED TEAM OF EX-CONSULTANTS, COLLABORATES WITH PREMIER CONSULTING FIRMS TO ENHANCE THEIR PRACTICES. SIMULTANEOUSLY, HE ASSISTS PRIVATE EQUITY GROUPS AND THEIR PORTFOLIO COMPANIES IN REFINING AND FORTIFYING THEIR COMMERCIAL AND FINANCIAL STRATEGIC OPERATIONS.

THE CULMINATION OF THESE EFFORTS IS A BOUTIQUE FIRM THAT INC.COM CELEBRATED AS ONE OF THE COUNTRY’S FASTEST-GROWING COMPANIES. BETWEEN 2019 AND 2022, THE COMPANY WITNESSED A STAGGERING GROWTH RATE OF NEARLY 600%.