Novare Group’s Post

Check out this insightful interview with Judy R. McReynolds, ArcBest chairman, President and CEO. She discusses how her background in finance and accounting prepared her for this leadership role.

The role of CEO is a human job with superhuman responsibility. Some of those responsibilities are expected—strategic vision, board management, investor relations—but many are unforeseeable, especially given the state of today's increasingly complex world. "We’ve got to be doing things that we were not prepared or trained to do," says Penny Pennington, Managing Partner at Edward Jones. Pennington believes that success in the role means having resilience, energy, and audacity, as well as a "shared conviction that what we’re doing is important work. It’s worth going into those areas of ambiguity, because if we don’t, our businesses will be irrelevant." Pennington, alongside 30+ successful current and former CEOs, provide invaluable perspective for new and aspiring CEOs in our recent project, "Excel in Your First Year of CEO." Access the full compilation here: https://okt.to/OGcqNF #ceoinsights #CEOsuccession #leadershipjourney #leadershipinsights

I’m proud to share this Daily Report_ALM article featuring my colleagues Karen Gelernt, Shanell Cramer, and Tara Eliza Castillo, of the firm’s structured and warehouse #finance group. #Structuredfinance has proven to be an incredibly productive example of what it looks like when #womeninlaw take on important leadership positions. https://bit.ly/3UlYqLG

I’m proud to share this Daily Report_ALM article featuring my colleagues Karen Gelernt, Shanell Cramer, and Tara Eliza Castillo, of the firm’s structured and warehouse #finance group. #Structuredfinance has proven to be an incredibly productive example of what it looks like when #womeninlaw take on important leadership positions. https://bit.ly/3UlYqLG

I loved Peter's "3 Myths", and his twelve points about how to know if it's time for succession. Myth 1: "I'm indispensible". (The graveyards are full of indispensible people). The redemptive response? Invest in the development of colleagues, and give away decision-making power. Myth 2: "I'll get around to it". The redemptive response? Set aside time for succession planning, and make it an annual conversation with the board. Myth 3: "No one will do this job as good as me". The redemptive response? Build a team and a culture that intentionally outlasts the current leadership. 12 points about "How do I know if it's time?" That's a whole other post 😀 coming soon. Thank you, Peter Greer for some rich input, some helpful ideas, and for your humble and generous posture. Oh: almost forgot, another nugget: "Posture precedes process". The best process can be ineffective if our posture before God and each other is wrong from the start.

He's new to HealthEquity, but a veteran financial leader. Get to know James Lucania. Find out how he makes every day count and why helping others advance their careers is the best part of his day. 👇 #CFO #EVP #Leadership #FinancialLeadership #TalentDevelopment

On Friday 85 Board Chairs, Senior Pastors and ministry CEOs were blessed to spend the morning with Peter Greer, visiting briefly from USA. Peter is the CEO of Hope International, and author of "Mission Drift", "The Board and the CEO", and "Succession", among over a dozen other titles. The morning session looked briefly at the importance of the board / CEO relationship, then dove into the Succession topic, leading to lots of discussion at the tables and questions / observations from those attending. Peter described how risky it can be to think of succession merely in terms of an "event" that cycles around from time-to-time, compared to the value of treating succession as part of the culture of an organisation. "We are all interim!" Everybody in the room is an Interim CEO, or an Interim Chair - holding the position for a short term or a long term but still only stewarding the organisation until the next interim CEO or Chair takes the baton. "It is irresponsible to focus on where we are going with no thoughts or plans about what will be left behind." Thanks to everyone who attended. Your presence helped make the day more valuable for others, and we were encouraged by the responses of many who have already told us they found the day helpful.

🚀When you know, you know: over the past decade, S&P 1500 Boards are moving more quickly to name an interim CEO as permanent CEO.  ⏩ Accelerated succession: average interim tenure has fallen from 5.6 to 3.6 months for those who are promoted to permanent CEO.   ⏱️ Quick vote of confidence: Boards may be getting better at assessing the readiness of interims for the permanent role. They may also be more cued in to protecting organizational stability instead of leaving the company in limbo for longer periods of time. 

#8 – Appreciates the Difference Between Governance Oversight and Management’s Role High-performing board directors understand the significant difference between their role and that of the CEO, maintaining a “nose in, fingers out” mentality. Instead of trying to run the business, they support the CEO in driving the company’s success. They are focused on what is important and act in the corporation’s best interest.   To see all "10 Most Essential Attributes of Effective Board Directors," click the link to the full article by JamesDruryPartners https://lnkd.in/gnps9FWu   #BoardofDirectors #CorporateGovernance #BoardService

CEO capability within PE portfolio companies is such a valuable and sought-after asset. See our HBR article on this topic below.