Twenty-seven percent of CEOs say their top succession concern is identifying what leadership qualities are necessary for the future, according to a biannual survey from RHR International, a global executive talent development firm.
Other primary concerns include relinquishing the power and prestige that comes with the executive position at 25 percent, creating a legacy at 19 percent, developing a fulfilling life after leaving the position at 16 percent and miscommunicating with the board of directors about succession decisions at 13 percent.
"The top succession concern of CEOs reveals an important aspect of the executive mindset," says Dr. Thomas J. Saporito, RHR International chairman and CEO. "CEOs are less effective than they think at reading talent. Most importantly, CEOs struggle to combine this gauge of talent with an understanding of their organization's leadership requirements for the future. It is this combination of talent and fit that ultimately makes or breaks the succession process."
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Although there is a trend toward creating separate CEO and chairman roles, 63 percent of respondents report that they recommend a combined role for the next CEO. Another 84 percent of respondents say they can turn to at least one person when they need the truth about their decisions and how the organization perceives them. Of those respondents, 52 percent say that trusted person is the lead director, and 46 percent say he or she is part of the executive team while 29 percent say he or she is a nonexecutive board member.
The survey also reveals that 41 percent of respondents say they feel lonely as a CEO. CEOs of public companies especially feel this way as 47 percent of respondents from public companies say they feel lonely while 31 percent of respondents from private companies feel the same.
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