Rules for new CEOs to follow

Jennifer Reingold, senior writer for Fortune, lays down three rules for new CEOs, observing that incoming chief executives have much to learn - which is why their tenure is often shortlived.

Reingold says: "While making it to the top of the pile is hard work indeed, many leadership experts caution that a new executive's ultimate success may hinge as much on the transition itself as the process of getting there."

According to McKinsey consultants Kevin Coyne and Bobby Rao in 'A Guide for the CEO-Elect' (McKinsey Quarterly), one in three CEOs doesn't last more than three years in the job. Based on the research of Coyne, Rao and other experts, Reingold presents the following rules for successful CEO transitions:

1) Make it clear who's in charge. The ultimate decisions lie with the CEO, and everyone must be aware of this.

2) Use the interim period wisely. The transition phase is the ideal time to hone skills that are missing from the new CEO's armoury.

3) Stay confident but remember there is much to learn. Maintain your authority and sense of purpose but be open to learning new skills and hard lessons.

Three rules for brand-new CEOs
Jennifer Reingold, Fortune, 12/06/09