Loading
News of boardroom clashes between directors and CEOs certainly grabs headlines.
But in reality, most boards and corner office occupants get along swimmingly, according to a survey from RHR International, a Chicago-based executive development firm. In fact, 98% of CEOs say they have a good relationship with their boards of directors, while 95% say they believe their boards back them in a majority of decisions they make.
“While some CEOs have poor relationships with their boards, it's clear the majority don't fall into this category,” RHR International Chairman and CEO Thomas Saporito says in a release. “The ones who do are simply the ones who make for good press.”
The survey was based on 83 responses from CEOs of companies with annual revenues of $50 million to $2 billion.
While the overall board-CEO relationship is strong, the survey does reveal a few cracks. Other survey findings include:
• Succession is an issue: More than 76% of the respondents say they should be more involved in planning their own succession. Anecdotally, some CEOs say miscommunication with board members over selection decisions and who takes what responsibility is the toughest part of the succession process. “Succession planning is full of complex psychological nuances, such as the incumbent CEO's readiness to step down,” says Saporito;
• Loneliness impacts role: Half of the respondents say they have experienced loneliness in the CEO position. Of those, 61% believe the isolation hinders their performance;
• Unpredictability reigns: 87% of CEOs say they felt prepared for the CEO job. But of that group, 54% say the job was different than what they thought. First-time CEOs who responded to the survey reported an even greater rate of job surprise. “This is not uncommon,” says Saporito. “Stress, pressure, and loneliness all combine to create a job unlike any other they have previously had.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
