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The
CEO
Report
Embracing the
Paradoxes of Leadership
and the Power of Doubt
 Executive summary

T
he role that business plays in society, and the as a positive state that is both emotional and intellectual

Table of contents expectations about the role it should play,

have shifted dramatically in recent years.
Along with this shift, society’s expectations
can select different strategies to mobilize, even “outsource”
their doubts in service of better decisions. Such skills matter
in an environment where chasing certainty is often futile.
about CEOs have changed too. This report, which presents Facing relentless pressure for change, CEOs
the findings from our interviews with more than 150 CEOs consider adaptability a must, but thereby risk
3. Executive summary around the world, explores such issues along with the overstretching their personal sense of purpose, and
central question: how do senior executives develop the thus their authenticity. Nonetheless, CEOs can adapt
competence to lead in a changing world? authentically, through better definition and alignment
4. Leading at the intersection: The CEO’s changing role Declining tenure rates and levels of public trust suggest of personal and organizational purpose.
that CEO leadership has not kept pace with increased Being both adaptable and authentic is just one
expectations. Better technical skills are, at best, part of the leadership paradox that CEOs seek to embrace. Faced
6. Change: Understanding speed, scope, and significance—S3 answer. Few of the CEOs we interviewed mentioned them with competing, yet equally valid, stakeholder demands,
at all. Instead, many spoke candidly about the gaps in their CEOs increasingly face paradoxical situations of choosing
preparedness and the need to keep developing, particularly between “right … and right”. To get the “best of both
10. Ripple intelligence: Building a CEO early-warning system when it comes to dealing with heightened scrutiny from worlds,” CEOs need to first balance their personal paradoxes
an array of stakeholders. Indeed, the role of the CEO is so they can find balance for their companies and align their
becoming more complex as competing and increasingly personal and organizational purpose.
14. The power of doubt: Finding comfort in discomfort vocal stakeholders permeate organizations. Leading at These capabilities are rarely fully formed when CEOs
this intersection requires new thinking; past experience get the job. Yet the amount of on-the-job learning required
is no longer a reliable guide for future action. is typically underestimated. To maintain their edge in times
18. Authenticity and adaptability: Bridging the master paradox What we learned is that success as a CEO today of complexity and change, CEOs commit to sustained
hinges on continual growth in the role, even more than on renewal, continuously seeking ways to reignite their own
the preparation beforehand. In this report, we outline a suite development in “life-cycles” of personal growth.
22. Finding balance: Choosing between “right … and right” of integrated perspectives and capabilities, drawn from our We undertook this study because we believe CEOs
conversations with CEOs, that can help today’s leaders have a critical role to play in, and beyond, business.
as well as tomorrow’s thrive in a business environment Declining tenure and public trust suggest that CEOs
26. Today’s CEO: Embracing continual growth and renewal marked by uncertainty and constant change. have not kept in step with with changing expectations
When CEOs talk of change, speed is the mantra of of leadership—in business or society. Drawing on CEOs’
the moment. But this preoccupation may misdirect energy personal experiences, we conclude with practical and
30 What’s next: Ensuring success beyond succession and attention to events that seem urgent, but in fact are actionable ideas to support today’s CEOs and provide
of limited scope or significance. To prioritize, delegate, a guide for future generations
and manage their energy effectively, CEOs need to be
32. The CEO agenda: Global trends and accountabilities equally attuned to the speed, scope, and significance (S3)
of each challenge they face. To let the CEOs “speak for themselves,” we draw on
Anticipating how, when, and why different contexts numerous anonymous quotes, featured throughout
34. Acknowledgments may interact to disrupt an organization requires the this report. We assured our interviewees anonymity,
development of “ripple intelligence,” a CEO’s early- allowing open reflection on their leadership challenges
warning system. Visualizing interactions of simultaneous and experiences. Open-ended questions encouraged
35. Method/About our sample events as ripples on a pond can help leaders expect elaboration and gave us a glimpse of today’s business
the unexpected and thus be more prepared to seize world through the eyes of its most senior practitioners.
opportunities. Our global trends survey (page 32) shows Each interview lasted an average of 55 minutes and, with
what is currently at the top of the CEO agenda. few exceptions, was conducted face-to-face. All interviews
Ripple intelligence gets sharpened as CEOs learn to were anonymized prior to analysis by researchers at Saïd
harness the power of doubt. Leaders who embrace doubt Business School, University of Oxford.

3
 year planning cycle in favor of repeating, 100-day exercises.
The paths to the future are
Leading at the intersection:
Others are supplementing their primary strategies with
contingency plans that can be triggered quickly should made, not found, and the process
circumstances change. “Trying to forecast the future,” one
of making them changes both us
The CEO’s changing role
observes, “has become an impossible task.”
Being adaptable, resilient, flexible, and above all and our final destination.
ready is the new normal. “Every successful business model
works until it doesn’t,” notes one CEO. “This strategy we’re
working on today is going to be supplanted by something Indeed, collaboration, listening, engagement, humility,
else. Michael Porter used to talk about sustainable transparency, authenticity, values, and purpose were
“Once business was impervious. You could operate and the competitive advantage … There is no ‘sustainable’ anymore, recurring themes in our conversations. Unsurprisingly,

world around you could be a vortex of activity, but you could just but you still have to find competitive advantage.” time—and time management—are critical challenges
as CEOs balance competing pressures, as is managing
keep going. Now, with the combination of all the factors at play, personal energy and the energy of the organization. Finally,
several CEOs spoke about the difficulty of relying on past
business and what’s happening outside are actually one.” Not everything has to be said, experiences to anticipate future ones. As old approaches
lose their utility, leaders are increasingly looking to
but everything that’s important

T
become ongoing, iterative learners. In today’s 24/7 world,
he views of the senior executive quoted above, Figure 1: Has the role of the CEO changed? has to be said. the CEO role seems “25/8.” This ever-changing business
one of the more than 150 CEOs we spoke environment requires leaders who can change, too, and
with, suggests the sense of unease that many in fact this ability to adapt will likely spell the difference
business leaders express when they reflect on between success—and struggle
>75% 14% 9% Hero … or human?
the nature of their roles and the leadership challenges they
face. Indeed, three-quarters of the CEOs we interviewed Meanwhile, business leaders face new interpersonal
feel the job has changed significantly over the past decade Yes, role has
changed
No, role has
not changed, but
No, role has not
changed
challenges. Notably, most of the CEOs we interviewed KEY INSIGHTS
as new influences from outside the organization compete how I do it has spoke of the growing importance of being perceived as
with the traditional accountabilities to boards, shareholders, more approachable, engaged, and caring—in other words, Globalization, digital connectivity, and
employees, and customers. more “human.” Several describe emotion as playing a key a proliferation of “interested parties”
Figure 2: From shareholder dominance
To be sure, the CEO role is still the top of the heap— role in stakeholder engagement, while another refers to have dramatically expanded the stakeholders
to stakeholder legitimacy
when viewed from afar. Yet closer in, CEOs sit at the the job as “Chief Emotional Officer,” adding: “The best who influence and voice a point of view on
intersection of two increasingly complex and transparent More porous organizational boundaries allow leaders are human beings first and foremost.” company performance.
worlds: one outside the organization and one inside (Figure broader, more diverse stakeholders to exert direct The need to create trust across multiple groups affects In a world of connectivity and scrutiny, trust
2). Stakeholders are proliferating, and CEOs must navigate influence, demand transparency, and increase how CEOs communicate, listen, make decisions, and comes at a premium, requiring CEOs to reinvent
politics, geopolitical unrest, natural disasters, government, risks of exposure. manage their time. Providing detailed reports to analysts, how they communicate, lead, and set strategy.
regulators, competitors, and a digitally empowered public communicating high-level concepts to the press, and being Today CEOs are expected to be “human”
that in one CEO’s words is “coming out of everywhere.” “How SHAREHOLDERS
authentic with employees is spurring CEOs to seek new ways stewards for stakeholders, no longer “heroic”
do you manage transparency [so] you have consistency, & BOARD to establish organizational values and culture, build teams, agents of shareholders.
and at the same time realize that not everything has to be and align their companies around a direction and purpose. Past experience and traditional approaches
STAKEHOLDERS
said, but everything that’s important has to be said.” Nonetheless, CEOs are still expected to be heroic to strategy, control, and communication are
The degree of transparency that CEOs face, where leaders who “own the chair,” a fact of life that creates no longer reliable guides; CEOs today must
every decision can be googled and analyzed from multiple tension as companies recognize the benefits of involving find new ways to establish organizational
angles in real time, requires a different awareness and skill CEO more stakeholders in strategy, decision making, and values and culture, build teams, and align
set. Not only do CEOs need to be more cognizant of the CEO execution. One CEO describes how his employees, their companies. They must lead at the
outside world and its influence, but they need to understand customers, and board all expect him to be more “human” intersection of outside and inside, where
how to interact, influence, and respond to it. when seeking their input on decisions, while at the same company ambition and stakeholder influence
Against this backdrop, many CEOs acknowledge that time being confident and authoritative when it comes time blur, contradict, and sometimes compete.
the traditional approaches to strategy no longer apply. to make the call. He dubs his new approach to decision
ORGANIZATION ORGANIZATION
Several describe eliminating the conventional three-to-five- making “collaborative command.”

The CEO Report | 4 5

 Figure 4: From speed to scope and significance—evolving
your understanding of the interacting dimensions of change

A more granular understanding of change helps CEOs prioritize,

delegate, and allocate energy and resources. The impact of scope can
be difficult to predict: even systemic changes can have root causes that

Change: Understanding speed, were initially contained and local—for example, the seemingly localized
US sub-prime credit crunch that became the global financial crisis.

scope, and significance—S3 REVOLUTIONARY

EVOLUTIONARY
GLOBAL
FINANCIAL
CRISIS

SYSTEMIC

SCOPE

“How would [Winston Churchill] be viewed today if every SP

EE
D
CONTAINED
US SUB-
PRIME

decision he made was tweeted around the world?”

SIGNIFICANCE TECHNICAL FOUNDATIONAL

F
or leaders, assessing the changes facing their channels, often digital. Predictably, many also cite a pervasive sense of urgency can mask the fact that
companies in these volatile and uncertain technological innovations, particularly the rise not all aspects of their environments are changing at There is this mantra at
times is difficult. Doing so under the real- of social media, as driving a ubiquitous sense of the same pace—or even changing at all. Indeed, one
the moment that change
time gaze of stakeholders ready to tweet urgency and pressure for increased transparency. In CEO points out that while his sector (banking) has
and retweet their own (and others’ ) assessments at fact, many CEOs view social media as a two-edged faced substantial changes, in many respects its core is faster than it’s ever been
a moment’s notice compounds the challenge. It’s sword, both a powerful tool for engaging in public principles remain the same. and therefore these kinds of
no surprise, then, that many leaders we spoke with discussion with internal and external audiences, as Others emphasize the need for a long-term
issues are going to be greater …
feel preoccupied with the pace of change (Figure 3). well as a potential source of exposure to challenges perspective: “The world has changed and stability is
Given the pressure, in some cases the compulsion, about their leadership. different than before,” observes one CEO, “although I don’t really buy that.
to respond faster and faster to events, how can CEOs Some CEOs highlight the importance of we have selective memory in the sense that we
ensure they are assessing the nature of the changes discerning the true speed of change. They caution that think we are living in the most turbulent times you
appropriately while also determining how and when can imagine.” And another offers a healthy dose publicized problem in one business unit prompted
significant change will impact their organizations? In of skepticism, saying: “There is this mantra at the her to think through more systematically about how
other words, how can CEOs lead continuous change moment that change is faster than it’s ever been and to be both responsive and more organizationally
while also responding constantly to it? The key, our Figure 3: When speaking of change therefore these kinds of issues are going to be greater resilient. “We had to learn how to do business
research suggests, is to focus not only on the speed … I don’t really buy that.” differently, and subsequently we’ve had to learn how
of change, but on its scope and significance as well, When it comes to coping with the pace of to react to … the big external shocks, three or four of
offering an “S3” understanding of change (Figure 4). change, CEOs refer to several rules of thumb they use. them as we’ve gone along.” And echoing the need

Speed demons
CEOs routinely speak of the pressure today’s pace
94% emphasized its
pace or speed
One describes aspiring to a “more principles-based
leadership style” so that she can “spend the time,
rather than giving the answer, setting the stage and
for resilience, another remarks: “You have to look at
almost everything as something that could kill you,
and you have to have a battle plan for not only how
of change imposes on them, citing factors such context and then have other people work out what the you are going to … optimize it, but how are you going
as disruptive new competitors and new market pieces are within it.” Another describes how a well- to survive it.”

The CEO Report | 6 7

Don’t forget impact The recent drop in the price of oil highlights security suggest). Foundational changes often occur are actually interconnected in hard-to-predict ways,
While the focus on the speed of change is not the complexities involved in navigating the three when stakeholders make demands on the business that creating ripples of significance that bring destruction,
surprising, CEOs indicate that there are two additional, dimensions of change. The sheer speed and scope cannot be ignored. In fact, many of these foundational opportunity, both—or neither.
more subtle dimensions of change that a preoccupation of the price fall in the last twelve months has taken changes are fueled by ideological concerns, and that For one CEO we interviewed, this means focusing
with urgency can mask. In one CEO’s words: “You most producers, experts, and consumers by surprise, means they have a strong impact on the significance on the potential impact of the Muslim diaspora on
have to separate the noise and the normal stuff from even though the fundamental economics driving the dimension of change. Therefore, they must be taken his business in Asia if the Middle East were to erupt
fundamental shifts that are taking place, and then be price shift are well known: rising supply from shale seriously and addressed constructively. What’s into general war. For another, this means scanning
able to determine how quickly those shifts are going gas exploration in the US and weakening demand in more, foundational challenges are likely to affect more data than ever before as he constantly looks
to manifest or disrupt what you’re doing, versus those other large economies. While the full significance the relationship between the personal values of the to understand possible impacts to his business,
things that you have more time to adjust to.” of the changes remains to be seen, the implications CEO and the values of the organization. Such change including from seemingly less obvious places. The
are likely to be far-reaching in scope and highly typically makes demands on the balance between the change landscape is constantly evolving, and any
significant for many businesses. Some industries CEO’s needs for authenticity and adaptability, which given event or trend will mean different things
face the possibility of significant knock-on effects in we discuss later. for particular industries, regions, and individual
terms of growth, jobs, investment, and perhaps even businesses. What’s important is developing a
You have to begin to sort out industry restructuring. multi-dimensional approach to change that helps
the results that you’re getting. CEOs understand and prioritize actions, direct
Are they a result of a broader We had to learn how to resources, and, crucially, reserve their own energy for
significant, large-scale challenges. Remembering that
macroeconomic or industry shift do business differently, and
You have to separate the fast doesn’t necessarily mean urgent or important
taking place, or are they more subsequently we’ve had to learn is a critical first step in determining where to focus
noise level and the normal
enterprise-specific? how to react to the big external attention. Diagnosing the likely impact of events and
stuff that goes on from trends means assessing scope and significance along
shocks as we’ve gone along.
fundamental shifts that are with speed

The second of these dimensions is the scope

taking place, and then be able
of change—the size and extent to which a particular to determine how quickly those Untangling scope and significance is vital. KEY INSIGHTS
event or trend is far-reaching. The greater the scope, shifts are going to manifest or Seemingly large events may ultimately end up being
the more likely it will become significant and affect the relatively insignificant; others may be small in scope but
organization. Trends take different forms: for example,
disrupt what you’re doing. prove highly significant because they trigger concerns
  Preoccupation with the pace of change
makes everything feel urgent and creates
geopolitical upsets like the conflict in Ukraine; economic inside the business or among external interest groups, a risk that CEOs will focus equally on
changes (for example, in energy prices); or health threats particularly when social media becomes an amplifier. changes that don’t demand equal focus.
like the Ebola crisis in Africa. The impact of scope can be Accordingly, how any given change will affect Even for the CEO of a single product business with   Understanding the potential scope and
difficult to predict. Some changes may be more evidently a particular company varies. Some changes will a single facility, the challenges of dealing with scope significance of change, in addition to speed,
systemic, such as the recent global financial crisis; influence the business model, strategy, or operations and significance can be demanding. For CEOs of larger allows CEOs to prioritize where and on what
others may generate substantial attention but actually of the business. We call these technical changes, and more diversified businesses, questions of scope they spend their time. How far-reaching is it
turn out to be more contained, with less impact. important but not deeply disruptive. But other changes and significance will be substantially greater as the and how deeply will it shake the business?
The final dimension is significance, which refers are more profound and foundational, challenging the complexity of their environments multiplies, and as   This S3 approach to understanding
to how deeply any change affects the organization. organization’s mission and core values. What looks like stakeholders declare new agendas or more actively change helps CEOs prioritize, delegate,
Predicting and assessing significance as data a purely technical decision can also have value-based pursue existing ones. and make time to focus where their attention
accumulates is crucial. It means asking “how, how fast, implications that make it foundational. Cyber threats, Ultimately, navigating change along its three is most needed.
and how much” a particular event or trend will impact for example, are likely to represent technical changes dimensions requires different competencies from   Constant re-evaluation of each dimension
the business. As one CEO notes, “You have to begin to for most businesses but will be foundational for a CEOs. Global operations mean they can’t think one- helps CEOs reserve energy for significant,
sort out the results you’re getting. Are they a result of smaller group, such as computer companies (though size-fits-all, ignoring local conditions or impacts. They large-scale challenges.
a broader macroeconomic or industry shift taking what may initially appear technical can quickly become need the capacity to scan the environment for emerging
place, or are they more enterprise-specific?” foundational, as Sony’s recent experiences with cyber trends that might appear isolated and contained, but

The CEO Report | 8 9

 Figure 6: Sense the ripples to avoid the tsunami

Ripple intelligence is the ability to predict how trends

and contexts may intersect, interact, and change

Ripple intelligence:
direction, helping CEOs anticipate disruptions, make
time to plan, and protect against unexpected events.

Building a CEO early-

warning system

“In an ambiguous, rapidly changing environment, if you

haven’t got your antennae out … you’re going to struggle to
see opportunities and threats which may blindside you.” FEET ON THE GROUND 35,000 FEET

C
EOs who can anticipate quickly how Importantly, CEOs maintain that the goal of Beyond context observing: “One of those [forces] would make the world
the landscape is changing, while also understanding trends isn’t necessarily to avoid risk, but Think of the effect of a rock dropped in a pond. Now volatile—a combination makes the world much more
understanding the scope and significance rather to become comfortable with it so as not to miss imagine the effect of multiple rocks (of different sizes) volatile.” On this new playing field, CEOs “need to be
of the changes, will be better equipped to opportunities or be paralyzed by inaction. Said one thrown into those same waters. Add the effects of wind and people that can handle a much higher degree of volatility,
understand the full picture of risk facing their companies, CEO: “Risk management is really [about] developing an weather. In business terms, we can imagine the resulting uncertainty, and interdependence of factors … they need
and thus will have the edge when it comes to identifying enterprise-wide willingness and readiness to study not turbulence as ripples of context (a new competitor’s to be much more “systemic thinkers.”
new forms of competitive advantage. They should also only the obvious risks, but the unthinkable ones.” entry, for instance, or a change in a customer’s buying
be less likely to find themselves blindsided, for example, patterns), and the ability to understand how they will
by unexpected twists in the markets or regions in which change, intersect, and interact with one another as “ripple
You make a decision and there’s
they compete. intelligence.” In a world where the speed and scope of
It’s little surprise that so much has been said about Figure 5: Global trends—top issue identified in each region change complicate judgments of significance for CEOs, the follow-on repercussions…
contextual intelligence in recent years, and in fact many of ripple intelligence represents an early-warning system for sometimes those issues can be as
the CEOs we interviewed discussed the need to understand LATAM MENA North America leaders able to think systemically. One CEO puts it like
big as the first one you dealt with.
and interpret actions in a contextual way. At the same this: “No one imagined a world in which the Middle East
time, many of the CEOs (some of whom lead companies would be in flames … No one really [imagined] Russian
with operations in more than 100 countries) expressed Lack of values Societal tensions Cyber threats tanks in Eastern Ukraine, Crimea, what’s going on in the
a broader concern about how contexts interact with one in Middle East & South China Sea … plus the slowest, shallowest [economic] Anticipating complex interactions gives CEOs
North Africa
another. In particular, the trends currently concerning recovery we’ve ever had.” He went on to wonder: “What if the time to plan a range of responses, and then choose
Sub-Saharan
the CEOs we talked to include the global implications of Africa APAC Europe this is just the new normal?” and execute as appropriate. Faster identification
the growth of Asia’s middle class, the rise of megacities, In this new normal, companies face big forces, of incoming ripples could help mitigate delays in
cyber threats, climate change, and income disparities. including, as another CEO noted, “the rise of 2.2 billion new execution. Moreover, developing a keener sense of ripple
(For a closer look, see “The CEO agenda: Global trends middle-class consumers, technology going three times intelligence assists in strategy development, as it helps
and accountabilities,” on page 32 of this report). Unemployment Growing Asian Cyber threats faster than management, geopolitics.” He continued by CEOs better understand risks and connect the dots to
middle class

The CEO Report | 10 11

reveal new business opportunities at the confluence of ripple intelligence, though, and his example offers useful of additional insights into their individual and collective has a lot of people with more than 25 years’ experience,
multiple emergent trends. Several CEOs pointed to the insights into the process. He explains that his executive scope, speed, and significance. a lot of people under 10, and not much in between.”
power of disruptive innovations like digital imaging, team handles the day-to-day so he can concentrate fully on Continuing with the oil price example begun in As this example suggests, it’s often quite
smartphones, and other technologies, and some see the 35,000-ft level, looking for ripples outside the company. the previous section, consider Saudi Arabia’s recent difficult for CEOs to keep a finger on the pulse of
the more recent confluence of broadband, big data, He spoke of “hovering” above the business, his customers, announcement that it will hold oil production steady the business while simultaneously scanning the big
and cloud computing as examples of places where the consumers, competitors, and other market players, despite lower prices. Media speculation attributes picture. Moreover, even a continuous big-picture focus
new ability to “see the wood, trees, and forest” offers continuously searching the environment for emerging the decision to Saudi desires to pressure US shale oil won’t necessarily protect a company from the risk of
tremendous opportunity for intelligence-led strategic connections: “I get a bird’s-eye view,” he observes, producers and punish Russia and Iran for supporting “unknown unknowns” that many CEOs mentioned in
initiatives and maneuvers. For his part, one CEO told of “scanning the horizon and context without clutter.” Syria’s government. In the short run, lower prices our interviews. Therefore, CEOs also cope with complex
his reaction when, in the late 1990s, he began to realize Furthermore, he evaluates events along the change will likely hurt shale producers and dampen capital environments by building up their organization’s
the implications of digital technologies on his industry: dimensions of speed, scope, and significance—are ripples investment, although few expect it to affect the industry’s capacity for agile response. Some pointed toward
“It was staring me in the face … we could see a few people game-changing, transient, significant (but not for him), long-term development (what could do so, of course, are diversification to mitigate risk, speaking of “sizable
… causing the collapse of [several Asian currencies]. As or slow-burn? With a second pass, he combines events societal concerns related to the industry’s short-term but enough bets,” while others maintain deep pockets
those economies crashed … we shut down all the selling and ideas to look for patterns and trends. He seeks trends environmental impact, especially water pollution, as well in order to ensure, as one put it, that “we are debt-free
in those markets … We made quite a lot of money that year and risks that might negatively impact the business as as its long-term impact on carbon emissions). … [so that] we can move out of a market within two
when the [rest of the industry] lost its shirt. So it’s what you well as those that could provide opportunities for the to three years anywhere in the world if we have to.”
have to do, you’re looking at all the angles.” company. The keys to this sort of environmental scanning Of course, ripples that appear isolated and
are contextual thinking and a long-term perspective. Every day we have a missile unimportant may remain so. CEOs need to keep an
As another CEO puts it, “It’s like when you ride a bicycle: eye on emerging trends through their peripheral
pointed toward us. We don’t know
CEOs need to be much you always have to look a little bit further—if you look vision, but avoid acting prematurely. Questioning all
just in front of your wheel, you lose your balance.” how many or where it will fall. I can’t three dimensions of change can help, as can building
more ‘systemic thinkers’. In practice, this requires examining how ripples control everything, but I can remind awareness through continual learning and enlisting
from one event might interact with ripples from other divergent viewpoints. The trick is to recognize when it
events in the short, medium, and long terms. Consider
each of us where the risks are. is necessary to expand the problem solving space and
Be the rock the recent decline in oil prices (mentioned in the previous “make the problem bigger,” as one CEO suggests, and
Of course, developing ripple intelligence also requires section). Absent a sense of perspective, falling oil prices when to move to a decision
the ability to understand the ripples created by the might appear as the large ripple in the left foreground of Meanwhile, in the short run, lower oil costs would
business itself. Using ripple intelligence builds the CEO’s Figure 6—a significant trend, but one whose immediacy delay the development of renewable energy. Even further
awareness of not just the company’s direct impact, but obscures anything more than glimpses of its short-term out are the impacts of falling oil prices on OPEC countries, KEY INSIGHTS
also how it may influence contexts that might otherwise effects (lower costs for consumers, an immediate boost and, in particular, the knock-on effects of the Saudis’ actions
seem remote and unconnected. One CEO likens this to to oil-importing countries, and higher profits for over the longer term. How might it affect political tensions   Ripple intelligence is the ability to anticipate
anticipating the “second bounce of the ball—you make companies in energy-intensive industries, among others). in the Middle East (tensions that were a concern voiced and judge how, when, and why contexts may
a decision and there are follow-on repercussions … A CEO studying these ripples would see a limited by several of the CEOs we spoke with)? The prospect of interact to fundamentally disrupt the business.
sometimes those issues can be as big as the first one you number of potential challenges and opportunities, increasing US oil independence arising from shale oil   To discern and connect disparate events,
dealt with.” However, there are practical limits to using depending on his or her region and industry. production complicates the geopolitical landscape further discover patterns, and anticipate distant
peripheral vision, as he acknowledges: “I’m not smart still. All of these factors represent ripples that could affect threats or opportunities, CEOs need to rise
enough to figure out what the third or fourth [bounce] companies in a swath of industries, and therefore should above the clutter.
will be … to get the second one right is enough.” What if this is just be accounted for.   Evaluate emerging trends—are they game-
the new normal? Tellingly, though, the importance of developing changing, transient, significant (but not for
Developing ripple intelligence ripple intelligence is often most evident in its absence. One you), or slow-burn?
Our research suggests that, for most leaders, thinking oil executive described the talent gap his industry faces   New decisions create new ripples. Think
in this way doesn’t come naturally. In particular, many Combining this focus with a look at other trends as a result of reduced hiring in response to past market about how they will interact with the existing
CEOs talked about the need to reprioritize and even let go expected to occur over the medium and longer terms conditions this way: “Oil’s a cyclical business … and hiring ones to create more opportunities or threats.
of the operational focus that had helped them reach their effectively shifts the view to the 35,000-foot level depicted follows that pattern. When things are good you hire a lot;
positions. One CEO we spoke to does focus exclusively on in Figure 6. This reveals still more ripples, and the prospect when things are bad you don’t. And so the whole industry

The CEO Report | 12 13

 FEARLESSNESS

S M
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BR OR NE
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CO

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A
AB CO
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F
O
N CH

O
M
IO

RT
AL

CO
The power of doubt: Finding
AT

AB
UN

LE
OF

AR

LE

CO
NG
NE

EP

MF
NT OF DIVE

ZO

OR
PR
Figure 7: The landscape of doubt

E
SK ME TH
O

T
comfort in discomfort
E

RS UG
NA RI

IT HT
G

Y
Doubt is a generative force

MA
NOT KNOWING
to be harnessed, rather than

KNOWING
a weakness to be cured.
POWER
OF DOUBT
Understanding the landscape

KIN G &
CO LEA
of doubt helps CEOs leverage

AR ORIN
G
NT R
N
their discomfort for more timely N I UO N

T
I
NG US ME M
and informed decision making. PEER NCH

ZO

T
BE

OR
AW

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NE

MF
IO
EN

AR
OF

CO
AT
ES D

UN
LI

LE
S
VA

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FO

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RT
AB FO
M
O

“If you don’t doubt yourself in a constructive, positive way,

LE
CO U NC
MF OF

PA
OR NE

ST
LY

RA
T ZO G
SI AN
you are borderline dangerous for your company.” S

ANXIETY

D
oubts are to CEOs what nerves are to elite Chasing certainty is futile can’t just make a guess.” The key is getting comfortable However, acknowledging doubt as both a feeling and
athletes: a source of focus and insight when While the majority of CEOs we spoke to embrace doubt making decisions in the grey area in between or, in the an information issue helps distinguish constructive doubt
harnessed constructively, a threat to peak as a catalyst for positive action, others struggle to do so words of one CEO, to “get comfortable with discomfort.” from disruptive second-guessing. The more self-aware
performance when not. This was the spirit openly, even under the guise of anonymity our research CEOs we spoke with recognize two simultaneous and
in which many of the CEOs we talked to approached the provided. In fact, around 10 percent of our respondents equally disruptive risks: hubris and paralysis. One CEO
issue. Reimagining doubt in this way allows leaders to deny having any doubts, but go on to describe how they reflects that, “the areas I’m strong in are also potentially my
sharpen their ripple intelligence, enhance their ability reduce uncertainty and gain clarity—in other words, weaknesses,” recognizing the temptation of overconfidence
to make decisions, and mitigate business and decision reduce doubt. For instance, one CEO firmly declared and enabling himself to protect against it. Conversely,
making risks in times of complexity and uncertainty. himself “out of the second-guessing game because it A [certain] level of another CEO confided that she tries to “anticipate the pros
Clearly, doubt is a capability to be cultivated rather will drive you crazy,” but later advised that “you have to and cons of all of the options … so I always feel slightly
than a weakness to be cured. But how do CEOs do that have people you can go to, a network, to say ‘Look, I’m
professional doubt should be the anxious.” It is in this sense that moderate anxiety can be
in practice? really struggling with this, can I get your opinion, your quality of any good leader. leveraged as “a heightened sense of adrenaline,” as another
CEOs insist that, despite the changing nature of advice?’” expressly adding that “if you don’t, you’re not CEO put it, like an athlete’s pre-game nerves. Beyond that,
their role, they remain “the ultimate decision makers,” doing your homework.” The key question seems to be: however, it is likely to be disruptive.
providing clarity and direction. This clarity is ever more where is the line between constructive doubt and what
elusive in a world of intersecting trends, competing this CEO termed “going crazy?”
Figure 8: Do you ever doubt yourself?
demands, and unpredictable ripples. Worse, what appears Most CEOs, unsurprisingly, see doubt in terms of Comfort, however, is not just about knowing, but also
to be clear may in fact be a dangerous illusion, because data-processing constraints and a lack of knowledge. In about feeling. Asked how they feel before making high-
“if you’re that clear, you’ve probably missed something.” our increasingly “unknowable” world, CEOs know that stakes decisions under uncertainty, CEOs responded
Keen to protect themselves against this false sense of seeking better information is necessary, but chasing with the full palette of emotions, from “anxiety” to 71% 10% 19%
security and the risk of being blindsided, “a [certain] certainty is futile: “You can’t wait for a hundred percent “excitement.” CEOs naturally articulated the “knowing”
level of professional doubt should be the quality of any certainty because by then the world has changed the aspect of doubt, while the “feeling” piece often lingered
good leader,” says one CEO. question and it’s too late,” observes one CEO. “But you subconsciously. Yes No, but … No

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Mapping the landscape of doubt Notes another: “Ask good questions and you will When constructive conflict is present, says one on the latter. In other words, proper delegation frees
Our understanding hinges on two insights: first, make better decisions.” Not doing so risks putting CEO, “[I] always have someone bringing me an angle, up time to pace the decisions CEOs have to make and
harnessing doubt allows CEOs to balance themselves CEOs outside their ”uncomfortable comfort zones” and a vision that I clearly didn’t see.” It is these angles that creates space for constructive doubt.
within the “uncomfortable” comfort zone in which they thus in danger of decision paralysis. strengthen the CEO’s ripple intelligence. However, Once that is accomplished, though, these
feel able to act decisively, even in times of uncertainty. constructive challenges in the C-suite can be few and strategies allow CEOs to outsource doubt. While for
Second, the type of doubt and the size of this comfort far between, and one CEO laments that “one of the ‘aha the most part leaders will leverage their management
zone are defined by dimensions of both knowing and [moments]’ about being CEO is, you stop hearing the teams, they can also utilize their boards and even
feeling—all of which can be mapped on a stylized two- truth.” Such leaders need to expressly invite dissent or families and friends to help suspend themselves in
by-two matrix (Figure 7). One of the most important else risk seeking challenge but finding false validation, a state of productive skepticism without the burden
Once CEOs understand which quadrant they find things is having people and thus tragically reinforcing the very myopia they of continuous self-questioning, simply by “having
themselves in for any given decision, they can think seek to mitigate. people around you that tell you how wrong you are,” as
about tailoring strategies to turn doubt into a powerful
around you that tell you one CEO puts it.
tool and thereby expand their comfort zones while how wrong you are. One exception is CEOs’ self-questioning around
protecting against the various risks of decision making. the maintenance of their personal authenticity in the
face of ever-present challenges to adapt. Importantly,
It’s always been true and this is an issue CEOs do not associate with the question
technology hasn’t changed of “doubting yourself.” These more profound personal
In circumstances where CEOs report feeling questions cannot be outsourced in the ways described
it … numbers just illuminate
It’s never black and white, residual anxiety despite good information, many turn here, but must be personally balanced by the CEO
to peer mentoring or benchmarking for validation. decisions; they don’t make
there’s always shades of grey
In the words of one CEO, seeking validation means them for you.
around those decisions. So “sharing your problem and being vulnerable with KEY INSIGHTS
there’s an anxiety which in people that otherwise you might be uncomfortable
doing that with.” Chairpersons, boards, or external
a way almost gives you   Doubt is part of the “humanization” of the
consultants fall into this category. Other CEOs prefer CEO, a positive, generative state that should
a bit more clarity. “safer” environments such as family, friends, or CEO CEOs who are comfortable making decisions be embraced and utilized, not feared.
associations. with limited information often rely on experience or   Doubt is an issue of both knowing and
Validation is critical for tempering doubt and gut instinct. However, they acknowledge that in new feeling. Ignoring the emotional dimension
channeling its productive power. Moreover, it mitigates situations where their gut may be wrong, “it’s also artificially limits the range of solutions
the risk of doubt spiraling into angst, wasteful important to marry that gut feeling with the ability available.
For example, where CEOs were anxious about information searches, or unhealthy self-challenge. to be humble enough to ask.” Leaders in this category   Transforming doubt into a decision tool
insufficient knowledge, doubt expressed itself for some Those more “fearless” leaders who feel well rely on traditional risk-management approaches to helps CEOs find comfort in the discomfort
as an “honest humility about what you’re capable of informed tend to “value the friction and the debate protect against the possible negative consequences of making decisions when the outcome is
knowing, and an insatiable sense of curiosity.” Moreover, that goes on around even the small stuff” so they of their decisions. This helps give them a sense of uncertain.
several CEOs reported leveraging their doubts for don’t get too comfortable and risk overconfidence. In preparation while protecting against the hubris that   CEOs can lighten the burden of self-
continuous learning. For some leaders, this took the form fact, such leaders often go out of their way to create the “CEO knows best.” “Because if you are not careful challenge by enlisting management
of data collection and analysis. Still others approached environments where honest and constructive debate and you think that you are indestructible,” notes one teams, boards, or chairpersons to
it on a more personal level, for example by traveling, is not only welcome, but expected. respondent, “then that’s where the dangers lurk.” “outsource doubt.”
seeking out diverse conversations, and gathering Among the CEOs we interviewed, the most   Understanding the reasons for their
information from a broad selection of sources. common sources of debate were the board and Slowing down
discomfort allows CEOs to solicit
As one CEO pointed out, “the customized news board chair, although some CEOs have established Critically, though, processing doubt takes time. additional information or perspectives,
feeds we all enjoy can generate blinkers on the sides of designated panels to serve as devil’s advocates. Judiciously assessing the speed, scope, and significance thereby making more comfortable and
our heads and constrain our views.” Therefore, he makes Such organizations are well positioned to leverage of change is paramount so that CEOs can identify the productive decisions.
a point of reading outside his typical areas of interest to the diversity of thought that in turn can lead to better decisions to delegate, determine the decisions to make,
remove the blinkers and broaden his horizons. and more thoughtful challenges to the status quo. and then dedicate sufficient time for productive doubt

The CEO Report | 16 17

 Figure 9: Purpose is at
the core of authenticity PRESSURE TO ADAPT

Capacity to adapt

Authenticity and adaptability: authentically is a function

of purpose and resilience.

Bridging the master paradox

RESILIENCE
PURPOSE

RESILIENCE
AUTHENTICITY

“[You must have] a very strong sense of what your purpose is …

and be absolutely authentic in everything that you do.” PRESSURE TO ADAPT

A
uthenticity has become a leadership More broadly, though, since trust typically follows in the face some version of this “authenticity–adaptability” losing sight of their fundamental values and goals.
buzzword over the past decade, often used wake of transparency, the CEOs viewed authenticity as paradox, if they aren’t already. Human resource issues represent a common
but vaguely defined. In our research, we critical both outside and inside the organization: for the example of the authenticity–adaptability challenge,
included no questions on authenticity, yet former as a means of generating trust among a “wider and in fact more than two-thirds of our interviewees
nearly half of our interviewees spoke directly about either group of stakeholders, not just shareholders,” and for the I don’t manage my time, cited “people decisions” as the toughest decisions they
authenticity or its close relative, purpose. Specifically, latter, as a cornerstone of productive collaboration that face. Again and again we heard stories such as this one,
they mentioned personal benefits (“ensuring that you requires CEOs “to have a high level of trust from your
I manage my energy. where a CEO needed to fire an executive who was both
stay true to your own principles,” “[finding] a place where colleagues that you will do the right thing.” In other words, high-performing and a friend, because the executive
you’re true to yourself”) and positive outcomes (creating authenticity is the fuel that drives trust. had violated the company’s ethics code: “I felt strongly
“a more authentic conversation,” having “authenticity and What differentiates CEOs who feel successfully supportive of [the executive],” said the interviewee,
vulnerability” as a way “to connect more profoundly with Not so easy authentic from those who have difficulty remaining true “but … not to take any action would have confirmed
the team”). Even those CEOs who didn’t talk explicitly Yet being an authentic leader is hard. Trust and to themselves? An overriding sense of purpose. One CEO everybody’s view, internally and externally, that we were
about authenticity or purpose often used words that transparency are viewed by stakeholders as commitments said, “if you suddenly start losing focus on what your without moral fiber.”
reflect those concepts when discussing the leadership to stability. As one CEO says, “trust is created by a sense of purpose was at the outset and start becoming
qualities they consider essential: integrity, honesty, promise, and [maintained by] meeting that promise over ‘everything to everyone,’ it [usually is] the beginning of
Figure 10: What are the toughest decisions CEOs make?
personal values, self-awareness, and trustworthiness. and over again.” This, of course, makes it difficult for the end.” This view leads us to a more precise definition
Why do CEOs consider authenticity so important? CEOs to adapt to new challenges, as the new behaviors of authenticity: being true to personal purpose.
Many talked about authenticity in terms of trust and leaders employ to meet them risk being perceived by Another problem arises, then, when the need to
transparency. To some extent, pragmatic considerations stakeholders as contradictory. Such perceptions risk adapt conflicts with a CEO’s own sense of purpose.
cited people decisions
lead many CEOs to embrace authenticity as a response to
the heightened visibility and transparency requirements
destabilizing a CEO’s authenticity, and thus squandering
the trust he or she has built up. With an ever-widening
This is most likely when CEOs, in an effort to keep pace
with change, indiscriminately adapt themselves to new
64% as the toughest

they face. “You can’t have a hidden side and a real side,” collection of stakeholders with competing demands demands. The effect can be analogous to cutting the
observes one CEO, “because that will get exhibited.” requiring contradictory behaviors, CEOs will increasingly anchor line of a boat, thus putting executives at risk of

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 Personnel decisions such as these challenge a CEO’s organization. Notes one CEO, “I think you’ve got to be Be resilient Nurturing personal resilience is a skill CEOs must
decision making abilities, as increasing organizational really clear what your personal goals are and make sure Accordingly, an overarching sense of purpose is a source of develop over time, and those CEOs we spoke to used
and societal demands for leaders steeped in “EQ,” [your] personal motivations are aligned and compatible internal resilience, another critical skill for being adaptable words such as energy, courage, and strength to describe
collaboration, and teamwork butt up against traditional with the organization and where it’s going.” yet authentic. Resilience (or as one CEO put it, “the ability their coping mechanisms for the physical, emotional,
organizational and shareholder demands for results. CEOs invoked different arguments to justify their to pick oneself back up off the floor when a crisis occurs”) and intellectual demands of the job. The extent and
The outcome is a sense of dissonance and discontent for people decisions in ways that enabled them to “bounce provides leaders with the necessary self-awareness, frequency of unexpected developments requires
leaders: “As much as you can intellectualize it and you back,” but all drew ultimately on the alignment between energy, and confidence to align action with purpose while CEOs to be “always on,” so staying fit (mentally and
know it’s the right thing for the company,” said one CEO, personal and organizational purpose. By prioritizing maintaining authenticity. “It’s not very glamorous,” admits physically) is important. Several CEOs also pointed to
“every single one of those people has a personal story and their roles as responsible stewards of the business, they one CEO, “but [it’s] surprisingly important, not being spirituality and mindfulness as important sources of
a personal journey, and you have intervened in their life found alignment between the organizational needs knocked off course if things don’t work.” energy and strength.
… you have impacted them and their families … if you’re around performance and their own personal purpose. While no single “right” approach emerged from
being authentic, that is a hard thing to do.” Most CEOs did not explicitly distinguish between the our interviews, we confirmed that once CEOs verify
pressures they felt to be human with those of being that decisions are aligned with personal values, there
responsible stewards, but one who did observes, in [I] try to be as authentic is less regret. In essence, CEOs like to ensure that their
the context of “people decisions”: “There are two decisions are supported by both the factual information
kinds of letting go of people … nonperformers, I have
as I can, and standing in they gather and the personal values they hold. Ultimately,
If you have a sense of purpose no problem with doing that, that’s an easy decision … your own magic, if you’re the authenticity–adaptability balancing act is the master
that is true and genuine and [but if] you have to cut costs … motivating the troops, authentic, just a whole lot paradox, and only by first being sure of their personal
while at the same time trimming costs by letting purpose and authenticity can they hope to later steer
exciting and authentic, the [people] go, is a very, very hard thing to do … you
of stuff gets easy. their way through the many other paradoxes the role
unknown is not an issue. end up coming across as a bit of a hypocrite.” In the introduces as they cope with individual decisions
first case, the CEO’s personal purpose is aligned with
organizational purpose, so decision making is easy, To help CEOs think through, and manage,
whereas in the second instance, his “human,” authentic the competing demands of authenticity and KEY INSIGHTS
Another CEO described the difficult conversation he purpose is at odds with the organizational pressures adaptability, we developed Figure 9, based on
had with an employee who had just been laid off. Although for performance. However, even in this more difficult our interviews. The figure shows how purpose,   Authenticity is top of mind and adaptability
the CEO expected a furious reaction, he was surprised dilemma, his awareness of the conflict allows him to authenticity, adaptability, and resilience interact. top of agenda. Holding a productive tension
instead to find grudging acceptance. “[The employee] prioritize organizational needs for efficiency. Authenticity is depicted as a rubber ball, suspended between the two is key.
said, ‘[Although] I’m personally devastated,’” the CEO between two piston-like bars, aligned according to a   The capacity to adapt authentically is critical
recalled, “‘we all respect you for taking a decision which common purpose. As the bars exert pressure to adapt, for maintaining trust and buy-in when responding
really needed taking, and perhaps if it was taken a couple the ball contracts, but, being resilient, it also springs to competing demands and volatility.
of years ago we wouldn’t be in this mess.’” The lesson the back. Excessive pressure, however, can push personal
CEO drew from this gets to the heart of the authenticity–
It’s been done, let’s move authenticity to the breaking point.
  Authenticity is a function of purpose and
resilience, which protect against indiscriminate
adaptability challenge: “Almost by definition you only get on … I don’t look back; How can leaders strengthen authenticity and adaptation and “anchor” the CEO.
the decision that either nobody else will [make] or nobody I don’t look back. resilience? Our interviews suggest that leaders start by   A well-defined and aligned purpose is
else can make. … And the scariest thing, for someone focusing on increasing self-awareness and emotional the touchstone for reducing doubt around
working in a business is seeing with clarity that change intelligence. Several CEOs told us they wished they had tough decisions and winning support for
needs to happen and seeing that their leaders are either done so before assuming the role. Self-awareness enables their execution.
unwilling or unable to make those decisions. That’s a very As these anecdotes suggest, when personal CEOs to manage their energy more effectively—another   Long-term resilience is fueled by defining
scary ship to be on.” and organizational purpose are aligned it can guide important skill: “It turns out, if I get up from the room experiences, especially of adversity. Day-to-day,
organizational relationships and drive decision and I go outside for a walk,” says one CEO, “peace comes it is maintained through mindfulness,
Make purpose the touchstone making, even when the decisions raise uncomfortable over me.” Moreover, experiencing congruence between self-awareness, exercise, family support,
How can CEOs come to grips with dilemmas such as contradictions. Defining and aligning purpose, therefore, personal and organizational purpose is energizing. “I or coaching.
these? Put simply: CEOs feel most comfortable when becomes the touchstone for reducing doubt around can bounce out of bed in the morning because that’s an
their personal sense of purpose is aligned with that of the tough decisions. easy organization for me to come to,” notes one CEO.

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 ORGANIZATIONAL
PURPOSE
Figure 12: Finding balance, not
necessarily at the mid-point.

Balancing personal paradoxes

Finding balance:
does not necessarily mean finding
DECISION
the mid-point between competing
demands, but gives CEOs the

Choosing between
foundation to turn organizational
trade-offs into win–win situations.
DECISION

“right … and right”

DECISION

HASTE
OPTIMISM HUBRIS

ADAPTABILITY

“Sometimes you have to have the courage to say, ‘I know this is the
right direction,’ the humility to say when you’ve got it wrong and deal PERSONAL
PURPOSE
AUTHENTICITY
with it, but the courage to take action when you believe it’s the right PESSIMISM

thing to do—despite the downside potential for yourself.” HUMILITY HESITATION

W
hile being both authentic and simultaneously. “It is easy to do any one of those things,” The best of both
adaptable is the most important says one interviewee. “The challenge is to exist at the Notably, some of our interviewees appeared eager to So many choices are to be
balancing act that CEOs face, it is intersection of all of those things.” Visually, then, CEOs are embrace these paradoxes of leadership, most often
made and the ability to make
far from the only one. The challenge not simply balancing a single scale, but rather a wheel of by adopting a mind-set that seeks to move beyond
of finding balance is clearly high on CEOs’ agendas. intersecting leadership paradoxes, one for every decision zero-sum games and frame competing demands as those choices, balancing the
Almost two-thirds of respondents spontaneously raised they make—a collective balancing act that resembles an win–win situations. Critically, getting the “best of both stakeholders, balancing the
the issue of balance without prompting. However, what acrobat spinning plates. This is not a challenge CEOs can worlds” does not necessarily require an equal balance
long term and the short term,
needs to be balanced is as diverse as the need for balance shy away from. Many expressed that the continuous quest between competing demands. The various spokes of
is unifying: the CEOs we talked to continuously seek to for balance must be an aspiration, if not an imperative— the paradox wheels need not intersect in a central hub. balancing priorities [is critical].
balance seemingly irreconcilable demands such as the a matter of moving beyond the choices of “either … or,” But wherever they do intersect, they create a sweet
“quarterly rat race” and long-term goals, profit and social and unlocking the power of “both … and.” spot that defines organizational purpose as the sum
responsibility, decisiveness and humility, work and life. of all choices and trade-offs (Figure 12).
This complicated balancing act is an important Problems do not arise from emphasizing one the “what” and “why,” of their decisions, establishing
characteristic of the CEO’s role. As more stakeholders demand over another, but from overemphasizing one a clear purpose that signals to all stakeholders what the
Figure 11: Finding balance
make competing—yet equally valid—demands, CEOs face to the extent that “a threshold is crossed” and the organization stands for, who it serves, by what means,
perplexing choices “between right and right,” as one put it, other demand is marginalized. Therefore, as one CEO and in what time frame, building trust that it is not
rather than simply right and wrong. It is these dilemmas warns, if life feels simple, comfortable, and devoid of easily thrown off balance.
that make decisions so vexing and alignment so difficult. of global CEOs any hard choices, it should serve as a warning, because
Make it personal
How can CEOs give their various internal and external
stakeholders confidence that they are choosing the right
“right,” and get support for their decisions? This challenge
67% raise the challenge
of finding balance
as a salient concern
“if everything was black and white, you don’t need
a CEO.” Certainly, CEOs most clearly articulate the
challenge of balancing the organization—to “take a view
Intuitively, we know that the more out of balance
the acrobat, the harder it is to spin multiple plates.
is intensified as many paradoxes do not queue up and make sense of all the fuzziness and decide that this That is why balancing personal paradoxes is critical
neatly to be dealt with one at a time. They all trouble CEOs is the direction we are going.” They focus on the content, for balancing organizational ones. While the former

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stabilize the “how” of decision making, the latter Four balancing points the possible is different from “blind optimism—that’s Yet, we must not overlook the fact that the critical
stabilize the “what,” building conviction, alignment, We’ve talked a lot about doubt as a tool. It creates a not optimism, that’s just gambling.” Instead, they link between personal and organizational paradoxes—
and trust. Connecting personal and organizational constructive balance between anxiety and fearlessness, call for “realistic optimism,” subconsciously locating the “what” and the “how”— is the “why,” which is
paradoxes is critical. CEOs need to feel they fit into omniscience and ignorance. As one CEO noted, “And realism as a constructive midpoint between optimism purpose. The more aligned the CEO’s personal purpose
the world they lead in. While balancing between of course this is a paradox because you need to have and pessimism, and a realistic understanding of the and the purpose of the organization, the more credibly
extremes is key, some CEOs expressed “great difficulty the confidence to believe in the things … that you are situation that others can more easily share and follow. he or she can communicate the reasons behind the
with leaders who are definite.” Even in the personal leading forward, and on the other hand you have to decisions, signaling that it reflects a conviction the
balancing act between IQ and EQ, one CEO noted: challenge yourself all the time.” Especially where “the CEO personally stands for. In doing so, CEOs report,
“We’re not talking two mutually exclusive dynamics tension of a big decision is actually quite positive, it they reap double rewards: they help align the
here, but rather dynamics of degree.” In fact, the CEOs makes you really get on your game and focus,” but also organization behind their decision and at the same
we spoke with offered many paradoxical “yins and leads CEOs to involve others and “outsource doubt.” Stay with the problem as long time reassert their personal purpose, protecting their
yangs” they must attempt to embody, for example: Leveraging doubt to provide awareness, validation, as you can, but then make the authenticity and re-energizing them for the leadership
being anxious yet fearless, authentic yet adaptable, challenge, or preparation provides CEOs with greater tasks ahead.
open yet self-sufficient, and quick yet hesitant, personal conviction in their decisions, while providing
decision as quickly as you can, This sense of balance and alignment, even within
among others. stakeholders with reassurance about the process. sort of another paradox. their personal paradoxes, is not something CEOs
Conviction, in turn, balances openness and self- typically bring to the role. It is built through their
sufficiency, hubris and humility. The latter pair is a formative experiences, honed over time, and—
challenge, as CEOs require, as one puts it, “an almost sometimes—articulated to be passed on to their
insane combination of extreme confidence, bordering successors. Yet many CEOs we interviewed are not
It’s a little bit like on arrogance, combined with complete humility.” Lastly, CEOs tell us that the right pacing or timing acutely aware of how far they have evolved in their role
a prisoner’s dilemma. If we While many CEOs acknowledge that neither extreme of decisions is critical, and both haste and hesitation
is productive, using them to temper each other and are equally damaging. With the clock ticking, CEOs
both move we will both be produce personal conviction helps them “exhibit worry that they lack time to consider all angles or to KEY INSIGHTS
better off. So the toughness confidence to bring constituencies with you, to let the organization catch up with their thinking, so
of this is how do you get motivate people.” implementation becomes problematic. With too much   CEOs must constantly balance
time, procrastination and distraction loom. Patience, between personal and organizational
everybody to see it and as a constructive midpoint, is a safeguard for CEOs paradoxes. Today this is a “given”
actually move. to reassure themselves, “I’ve thought it through, and I’m of the role. How CEOs balance their
not just knee-jerking my way into it.” To buy the time for personal paradoxes in the decision-
Because all the decisions fall patience, CEOs need to anticipate how developments making process greatly influences
interact to affect them, identify the truly urgent, and focus
on the CEO, you have to have the organization’s confidence in
on those foundational and systemic issues that most their decisions.
We highlight these personal paradoxes because a clear vision and purpose and warrant their attention.   Losing sight of competing stakeholder
the CEOs we met were quite vocal about their concern philosophy about where you are Taken together, doubt, conviction, realism, and demands imbalances the organization
of misalignment between their organizational and patience give not only CEOs—but also employees and
going. And you try to connect and increases reputational risk. CEOs
personal purposes, a state that drains their energy other stakeholders—confidence that whatever balance is must look beyond the choices of “either…
and challenges their authenticity. Yet few were that to the organization. struck on various organizational paradoxes, it has emerged or,” and toward unlocking the potential
explicitly aware of how they might strengthen this from a challenging, open, well-paced decision process. for “both…and.”
alignment. Connecting the dispersed insights from Indeed, confidence in the personal balance of the CEO   Pace and timing of decisions are critical.
a range of CEOs suggests that the answer lies in a and the decision process employed builds confidence in Haste and hesitation can be equally
combination of four areas: doubt, conviction, realism, the decision taken, which is, as one CEO puts it, “a little bit detrimental. Understanding when to speed
and patience. Interestingly, the CEOs who themselves To bring along those constituencies, one like having the captain on the bridge of the ship in heavy up or slow down is often the difference
noted the importance of these characteristics implied interviewee observed that “CEOs have to inject weather. If he doesn’t look unnerved then everybody draws between good and bad decisions.
they were choices, even actions, not innate qualities possibility into their organizations.” Critically, their confidence from that position.” Simply put, the more
they possessed. though, in another CEO’s view, injecting a belief in balanced the “how,” the easier the “what” is to communicate.

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 Figure 14: Getting appointed is only the beginning

A CEO’s career consists of interlocking periods of

personal growth, each building on past accomplishments

Today’s CEO:
and leading to new opportunities for continued renewal.

Embracing continual REFLECTION & MINDFULNESS

CEO CAPABILITIES

growth and renewal

• RIPPLE INTELLIGENCE
• POWER OF DOUBT
• AUTHENTICITY
• BALANCING PARADOXES

COMPETENCE

“You’ve gone go-karting and then

suddenly you’re given an F1 car.”
FORMATION IN ROLE

TIME

W
e asked CEOs how they developed responsibility. Still others acknowledged no youthful you’ve got P&L responsibility [and a] team … that you
the necessary skills for the job, what aspirations for leadership at all, saying it was only after really get the sense of the breadth of the CEO role.” You may be second in
expectations they had coming into entering business that such affinities emerged. In mid-career, the future CEOs typically accepted
the role, and how, in retrospect, all of increasingly challenging roles, and many started to
line, third in line, fourth in
this compares to the reality they live today. Many talked have a clearer aspiration to be CEO. They spoke of line, you’re very close to the
about their careers as a series of independent building progress through adversity, gaining confidence by CEO, but you are still not
blocks, and a pattern emerged about skills acquisition Figure 13: Paths to the corner office handling crises, working with difficult customers,
as a series of intense periods of growth. Borrowing managing multiple or cross-border P&Ls, rebuilding
prepared for the job.
from the world of product life-cycles and innovation, we management teams, and adapting to the demands that
began to view CEOs’ careers as a series of interlocking, increasing work responsibilities placed on the rest
50% 39% 8%
developmental S-curves. In light of our research, we of their lives. Some noted that their failures were far transition into the role and continue their development—
adapted this curve to incorporate numerous, smaller more instructive than their successes. Interestingly, of particular importance given the demands leaders face
S-curves making up each career stage, which reflect how internal external founder the events or crises that allowed CEOs to learn were today from expanding stakeholder communities and
promotions placements CEOs
CEOs experience personal development, both preparing seen as mostly serendipitous. There was a strong increasing volatility. In fact, many CEOs believe that
for and living the role (Figure 14). element of luck, chance, happenstance, and being “in tomorrow’s leaders will need to be as adept at the sorts
the right place at the right time” in the development of of softer skills as they are with the traditional, “harder”
Journey to the top these leaders. ones that the CEOs also cited (general management
Many CEOs discovered their taste and aptitude for For most CEOs, early working years were critical Each of these experiences can be seen as a experience, for example, as well as developing a mix
leadership during their school years. When asked about influences. They told of significant learning as they formative S-curve, which together comprise the CEOs’ of skills in finance, marketing, communications, and
particular defining moments, some pinpointed early took on more responsibility, and they emphasized preparation for the role at the top. How CEOs are people management).
formative experiences, such as taking on senior student the importance of broadening experiences: “general prepared and selected for the top job has been widely
roles or running a business. For others, adversity management experience early on … is probably the described elsewhere. Our aim instead is to focus on other Observations from the corner office
or traumatic events forged their ability to handle single most useful thing you can do because it’s not until important developmental phases, notably how CEOs Beyond the usual conversations about the “first hundred

The CEO Report | 26 27

days,” the CEOs we spoke with said they had to deal The demands of communication, some recalled, Some CEOs had extensive preparation for the job, CEO put it, are “things that I’m not actually interested
with substantial, often unexpected challenges early left the new CEOs constantly thinking about what others had less, and some had none. “I didn’t even know in.” Others speak of updating their core professional
in their tenures. Demands on their time and the need to broadcast and how to communicate with different what a CEO did,” one admitted. “I came straight from knowledge base and letting go “of doing things I was
to manage their energy came up frequently, as did audiences. One described the role as “communicator the [hospital] to being a CEO … and I just wish I’d had good at and enjoyed, and do[ing] things that I wasn’t
the need to communicate with multiple stakeholders, in chief” and continued: “You don’t really get the some business experience.” as good or competent at, but the company really
including customers and the press. However prepared preparation for being the external face of the business needed me to do.”
they felt for the role, many admitted that the velocity that you become [particularly given] the explosion of Ultimately, such a mind-set can help propel
and complexity of the challenges they encountered electronic media … You’re now just much more visible.” leaders up the various cycles of growth they will
were greater than expected. While few CEOs were surprised about the need encounter along the way in their roles, even as
Because the role is structurally unique, prior to communicate with investors, the need to deal with a What struck me was these roles continue to evolve in unexpected ways.
preparation can never be complete. As one CEO broader range of external stakeholders was not always how much more in the public Whether it’s mastering new capabilities, developing
said, “You don’t have peers in the company; in fact anticipated, and some spoke of having to learn to new forms of competitive intelligence, exploiting
you’ve got to be slightly distant, often from people communicate effectively. For instance, one said he had
eye CEOs are now courtesy of the power of doubt, or learning to choose the “right”
who were your peers—you’ve got to establish space.” to “… forget the Harvard education … I have intentionally the media … you don’t really right, tomorrow’s CEOs (or at least its most successful
Some noted that only the CEO can make certain tried to simplify my language and just be normal.” quite ever get the preparation practitioners) will embody this spirit of growth,
decisions, and they cannot consult in the same way learning, and renewal. Those who do are likely to
as they did in other roles. Others described the job
for the external face of the recognize, as many of the CEOs we spoke to did, that
as lonely, even if, as one said, “you have your team business that you become. the role is not the end of a long career but instead
and you have the chairman to share problems with,” You need to have an another beginning
because the CEO has ultimate responsibility for the
company’s conduct.
enormous mind-set of openness
and learning because however KEY INSIGHTS
[much a] genius you [think you] Moving up the curves
Consistent across most of our interviews was the
are, you are still not a genius; observation that CEOs are, above all, students of the
  The CEO role is structurally unique, and
preparation therefore always incomplete.
I think most CEOs aren’t there are other people in the role, and thus constantly learning. They continue to   Often, the specific demands of sudden
necessarily as carefully crafted system who know better than learn and grow, progressing through a series of in- visibility and scrutiny, broad and
role S-curves that correspond to their response to new
when they arrive in the role as you many times. challenges. “There’s no way you know everything,”
deep communication, board relationships,
and personal exposure take CEOs
they might like to make out. said one senior executive. “You always have to by surprise.
I think there is probably more continue to learn, and there’s always somebody that’s   The CEO career consists of interlocking
faced the problem or challenge that you’re about to periods of personal growth, each
learning on the job that goes CEOs also highlighted the need to listen to other face … you can learn from those folks. We’re all lonely building on past accomplishments
on than people get. voices. “One of the biggest lessons to me,” noted one at the top together.” and leading to new opportunities for
interviewee, “is the deliberate effort to listen to the Likewise, many other CEOs spoke of curiosity, continued renewal.
organization; it’s really easy to pretend to listen.” Others and the need to hone its practice until it becomes a   It is often in moments of crisis that
spoke of the skill of asking the right questions and of discipline. Asserts one CEO: “You need to have an CEOs successfully reinvent themselves
one-to-one communications, being “both informational enormous mind-set of openness and learning because and trigger a new growth cycle.
For several, working with the board was a novel and motivational.” Many spoke of encouraging debate however [much a] genius you [think you] are, you are   To grow into—and with—the role, CEOs
experience. Even where they had previous boardroom and the importance of signaling that they were not still not a genius.” Another said: “You’ve always got to need to create environments that feed
experience, understanding the particular relationship infallible. One described realizing that he was the same believe you’ve still got a lot to learn and you can learn their curiosity, challenge their orthodoxies,
between the CEO and the board was only properly person the day after he took the role, yet everyone’s from everybody.” and fuel their continual learning—and
developed once they assumed the job. As one CEO expectations had changed. “The danger,” he notes, “is CEOs outlined various methods they use to unlearning.
observed, reporting to the board was not the same as some CEOs … take that on themselves, and they feel sustain curiosity—reading widely, talking to a wide
reporting to a boss. they have to have every answer.” range of interest groups, exploring areas that, as one

The CEO Report | 28 29

 Finally, our interviewees felt the ability to be human The CEOs we interviewed lead some of the largest
and authentic were critical qualities their successors companies around the world. Collectively, their conduct
needed to develop. “There is one aspect which seems and performance affect everyone: employees, investors,

What’s next:
decisive to me,” noted one CEO. “It has to be someone consumers—all citizens of an increasingly interconnected
who can generate trust.” world. Future leaders therefore need to embrace the
challenge—but especially the responsibility—of leadership

Ensuring success
to do justice to a multitude of accountabilities and societal
expectations. In the words of one CEO: “Put the interest
of others ahead of your own, within your business model.

beyond succession Take a bit of risk; it doesn’t It’s as simple as that. Put yourself to the service of
society.”
matter if the first one doesn’t work
or even the second one doesn’t
work, the third one probably will
because you’ll get sharper and
Leaders should believe
smarter each time you go.
that change is the oxygen of
“Start with integrity. It is the alignment growth and creativity.
between your principles [and] what you do … and
it [requires] courage. Courage is paramount.” Be the leader
Can these skills be developed on the job? Or are they
prerequisites? Interestingly, there was little consensus
KEY INSIGHTS

O
here: our CEO interviewees held very strong opinions
ne goal of this report was to synthesize general training in a more classic vein (for instance, growing in both directions (surprising, perhaps, given that many
the experiences of the more than 150 up in a series of roles with increasing responsibility) is only of the important skills the CEOs cited were ones they   Potential CEOs must have strong core
CEOs as they face the challenge of delivering a small part of the preparation required. The characteristics themselves had learned on the job). The fact is, though, experience (general management, finance,
sustained performance in turbulent times. of the job, one CEO observes, requires candidates who are rigorous preparation for the job and further development and people management, among others),
Another was to offer recommendations and insights “less rigid and more flexible. A CEO must have the ability on the job are both essential. but increasingly, softer skills are imperative.
regarding the approaches that CEOs can take to succeed. to very quickly [have a] change of lens—to have lenses that When asked what would make the necessary   Future CEOs will need to be flexible, systemic
A third was to facilitate a shift from mostly implicit can zoom in and out quickly, and with this put themselves transformation smoother for their successors, CEOs thinkers, and comfortable with uncertainty,
development of these top leaders at present—where in the right place with the right attitude.” focused on many of the themes found in this report: complexity, and constant change.
success depends largely on individual virtues and The need for inter-contextual thinking, or ripple achieve comfort with change, harness the power of doubt,   CEOs’ communication skills need to be much
even luck and circumstance—to a place where formal intelligence, was a theme throughout our interviews when be curious, collaborate, be adaptable, have purpose, and more sophisticated to effectively address
development builds and strengthens critical capabilities. talking about the next generation of leaders. “Three- seek balance. In particular, they advised aspirants of all diverse and divergent stakeholders: more
That, in turn, would encourage stronger “pipelines” dimensional thinkers” will hold a distinct advantage. stripes to learn to feel comfortable collaborating and audiences, more languages, more modes.
of potential CEOs, along with spillover benefits of a Moreover, the ability to accept—and drive—change drawing opinions from a diverse array of individuals. As   Maintaining the trust of multiple
strengthened C-suite. Along those lines, many of the will be important, as will developing a heightened one CEO suggests, “Get separate independent soundings stakeholders requires CEOs to display
CEOs we spoke to had advice for the next generation. comfort level with ambiguity and uncertainty. As one from the organization … create a sense of teamwork … strong personal purpose and authenticity.
The majority of CEOs we interviewed acknowledge CEO puts it: “Leaders should believe that change is the communicating to people that their ideas are important   Qualities including self-awareness, humility,
that talent development and succession planning are oxygen of growth and creativity.” Another commented, and they can be honest.” Furthermore, they advised future purpose, and authenticity are all critical
critical requirements of their roles. Several spoke of actively “If you’re afraid of change, you’re missing the opportunity leaders to take thoughtful risks and be willing to fail: requirements for next-generation CEOs who
helping develop their future replacements, in particular by to grow … you’re missing the opportunity to create far more “Take a bit of risk; it doesn’t matter if the first one doesn’t should aspire to “collaborative command.”
giving up-and-coming leaders opportunities to develop innovation and creativity in your organization. Leaders of work or even the second one doesn’t work, the third one   For tomorrow’s CEOs, continuous learning
skills such as emotional intelligence, influence, and tomorrow should recognize that change is an opportunity probably will because you’ll get sharper and smarter each will not be an option, but a must.
compassion. Indeed, the general conclusion is that, given and should have the courage and desire to work with their time you go.” Such a mind-set of continuous personal
the ongoing complexity and changing nature of the role, teams to bring [it] about.” improvement is a vital quality for tomorrow’s leaders.

The CEO Report | 30 31

The CEO agenda: Global trends and accountabilities

GLOBAL RESULTS GLOBAL RESULTS

“To what extent do you see Growing Asian middle class 3.32 “Rate your level Owners/shareholders 4.67
Cyber threats 3.28 Customers 4.53
the Top 10 global trends from of accountability to Employees 4.31
Lost confidence in economic policy 3.23
the World Economic Forum’s different stakeholders.” Managers 3.89
Lack of values 3.08 Financial community 3.65
‘Outlook on the Global Megacities 3.07 Government 3.64
Agenda 2014’ challenging Unemployment 2.86 Suppliers 3.08
Online misinformation 2.75 Competitors 2.66
your business in the next Activists 2.23
Income disparities 2.64
Unions 2.18
three to five years?” Climate change 2.36 Trade associations 2.12
0 = not at all; 5 = significantly Societal tensions in the 2.24 0 = not at all; 5 = significantly Political groups 1.83
Middle East and North Africa

REGIONAL RESULTS REGIONAL RESULTS

Sub-Saharan APAC Europe LATAM MENA North America Sub-Saharan APAC Europe LATAM MENA North America
Africa Africa

#1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1
Unemployment Growing Asian Cyber threats Lack of values Societal tensions Cyber threats Employees Owners/ Owners/ Owners/ Owners/ Customers
(3.00) middle class (3.33) (3.80) in Middle East & (3.76) (4.80) shareholders shareholders shareholders shareholders (4.67)
(3.97) North Africa (4.82) (4.69) (4.90) (4.67)
(3.53)
#2 Income #2 Cyber threats #2 Lost confidence #2 Online #2 Lost confidence #2 Growing Asian #2 Customers #2 Customers #2 Customers #2 Customers/ #2 Customers #2 Owners/
disparities (2.80) (3.41) in economic policy misinformation in economic policy middle class (3.39) (4.60) / Owners/ (4.79) (4.43) (4.20) Employees (4.20) shareholders (4.45)
#3 Growing Asian #3 Lost confidence (3.31) (3.30) (3.36) #3 Lost confidence shareholders (4.60) #3 Employees #3 Employees (4.20) #3 Financial #3 Employees
middle class (2.75) in economic policy #3 Growing Asian #3 Lost confidence #3 Lack of values in economic policy #3 Financial (4.43) (4.36) #3 Managers (3.80) community (4.00)/ (4.25)
(3.31) middle class (3.24) in economic policy (3.27) (3.09) Community (4.20) Employees (4.00)
(3.00)

SECTORAL RESULTS SECTORAL RESULTS

Consumer Finance Industrial Life Services Technology Consumer Finance Industrial Life Services Technology

#1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1
Unemployment Cyber threats Lost confidence Growing Asian Lack of values/ Cyber threats Owners/ Owners/ Customers Customers Owners/ Customers
(3.08) (3.93) in economic middle class Growing Asian (4.07) shareholders shareholders (4.73) (4.81) shareholders (4.43)
policy (3.19) (3.83) middle class (4.77) (4.69) (4.75)
(3.81)
#2 Megacities (2.97)/ #2 Lost confidence #2 Megacities #2 Lost confidence #2 Cyber threats #2 Growing Asian #2 Customers #2 Employees #2 Owners/ #2 Owners/ #2 Customers #2 Owners/
Lost confidence in in economic policy (3.13) in economic policy (3.75) middle class (3.71) (4.44) (4.46) shareholders (4.67) shareholders (4.40) (4.63) shareholders (4.36)
economic policy (3.52) #3 Growing Asian (3.50) #3 Lost confidence #3 Megacities #3 Employees #3 Customers (4.35) #3 Employees #3 Financial #3 Employees #3 Employees
(2.97) #3 Growing Asian middle class (3.06) #3 Cyber threats in economic policy (3.36) (4.23) (4.36) community (3.60)/ (4.60) (4.07)
#3 Growing Asian middle class (3.44) (3.00) (3.50) Government (3.60)/
middle class (2.89) Employees (3.60)

The CEO Report | 32 33

 About our
Acknowledgments Method Sample
We would like to express our gratitude to the more Contacts The CEO Report is based on rich, individual An average tenure of 6.5 years. A combined total
than 150 CEOs we interviewed and thank them for For further information on The CEO Report, please contact: conversations with more than 150 CEOs representing of 5.8 m employees, with an average of just over
taking the time to share their deep and personal a wide range of sectors around the world, making it 46,000. A combined total of $1,658 bn in revenues,
insights. We would also like to thank their personal Saïd Business School one of the most comprehensive in-depth studies of with an average of over $14,419 m.
and support staff who did a magnificent job of creating Dr. Andrew White, Associate Dean for Executive Education how global CEOs lead. Collectively, these CEOs have
time in their very busy schedules. Thank you! [email protected] more than 880 years of experience. We interviewed more than 150 CEOs from around the
Saïd Business School Assured of their anonymity, the CEOs reflected globe: Africa 3%, APAC 22%, LATAM 7%, Europe 30%,
Saïd Business School Executive Education Centre, Egrove Park openly on their leadership challenges and experiences. MENA 11%, N. AM 27%.
Professor Tim Morris, Dr. Andrew White, Dr. Michael Oxford OX1 5NY Open-ended questions allowed them to elaborate
Smets, Dr. Amanda Moss Cowan, Dr. Andromachi UK freely and gave us a glimpse of today’s business We covered a broad range of industries and
Athanasopoulou, Dr. Ted Malloch, Lyn Martin, Emily world through the eyes of its most senior leaders. sectors: Consumer 30%, Finance 19%, Industrial
Owen, Dr. Bryn Harris, and Alison McQuater Heidrick & Struggles We therefore let CEOs “speak for themselves” as 25%, Life Science 4%, Professional services 12%,
Valerie Germain, Managing Partner we presented our analysis in this report. Technology 10%.
Heidrick and Struggles [email protected] Each interview lasted an average of 55 minutes
Valerie Germain, Dr. Karen West, Dave Tullett, Patience Heidrick & Struggles and, with few exceptions, was conducted face-to-face. Women CEOs made up 8% of the sample. In addition
Berry, Tom Fleming, and a global team of H&S search, 1114 Avenue of the Americas All interviews were anonymized prior to analysis by to drawing participants from the key global indices
leadership, and culture-shaping consultants who New York, New York 10036 researchers at Saïd Business School, University of such as Forbes, Fortune and S&P, we also drew on a
interviewed alongside our core research team USA Oxford. selection of private, family-run, and local companies.

To download a copy of the CEO Report visit:

www.heidrick.com/theceoreport
www.sbs.ox.ac.uk/ideas-impact/ceo-report

The CEO Report | 34

 Saïd Business School at the University of Oxford
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programmes and ideas that have global impact.
We educate people for successful business careers,
and as a community seek to tackle world-scale
problems. We deliver cutting-edge programmes and
groundbreaking research that transform individuals,
organisations, business practice, and society. We
seek to be a world-class business school community,
embedded in a world-class University, tackling
world-scale problems. For more information, please
visit www.sbs.ox.ac.uk.

Heidrick & Struggles serves the executive talent

and leadership needs of the world’s top organizations
as the premier provider of leadership consulting,
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