On BusinessWeek.com, Marshall Goldsmith imparts some advice for outgoing CEOs who wish to avoid being lame ducks: you can't avoid it, so you might as well make the best of it.
The business author says: "Face it: When you are nearing the time to exit, you will become a lame duck! That is OK."
He illustrates the scenario for outgoing CEOs: "Eyes will immediately turn to your successor as his or her vision for the company will mean more than yours. Executive team members who have encountered your disapproval for their pet ideas will just 'wait it out' and resell their ideas to your successor. People will start sucking up to him or her - just the way they used to suck up to you."
But Goldsmith offers the solution. He says that outgoing CEO should make peace with his or her lame duck status before it happens, then the situation will be more comfortable and productive for the incumbent, the successor and all members of the executive team.
He advises: "Bear in mind that it's not all that bad to be a lame duck. Use this time to coach your successor behind the scenes. Transfer power before it is necessary. Support your successor in whatever way you can. Build his or her confidence."
Goldsmith believes the key to being a really great lame duck CEO is making difficult and unpopular decisions for the sake of the company - but the successor should be involved in those decisions and agree on the long-term strategies before they are announced.
"Focus on putting your successor into a spot where he or she will succeed," he says. "Make decisions for the long-term success of the organisation, rather than the short-term performance of the company."
There is also a personal side of the slowing down, according to Goldsmith. He emphasises the importance of letting go, leaving the office earlier and spending more time with the family.
Goldsmith says: "Near the end of the process, you will stop leading the company. Start being available only when asked to work on developing your successor, as much of this work has been done. It is now time to put your primary focus on creating the rest of your life."
Advice for Outgoing CEOs
Marshall Goldsmith, BusinessWeek, 12/02/09
