In my last newsletter, I referenced my vivid memory of Ed Clark, former CEO, TD Bank Financial Group, saying to his executives, “If any of you want my job and I hope some of you do, you need to know it is 24 hours a day, 365 days a year.”

I reflected on his message in recent weeks while working with clients and as I interview CEOs for my second book, The 360 Degree CEO, Generating Profits While Leading and Living With Passion and Principles.

The role of the CEO continues to be a tough role to fill. Many of you have asked me how to ready your successors, some of whom may not have realistic expectations:

• Park your ego and/or your fear.
  • Unlike many executives and middle management, Ed was not threatened by others vying for his role. As he was not threatened, it enabled his executives to openly discuss their ambitions.
  • Hold open discussions regarding succession, required development and timelines. This will allow your employees to demonstrate their ambition.
    • Some will reveal their ambition in healthy ways – consistently going the extra mile, displaying initiative, volunteering for tougher projects, accepting lateral moves to gain breadth of experience. Those are the employees you want to develop and you want to retain.
    • Others will demonstrate their thawed ambition – thwarting colleagues or staff, taking credit for others’ ideas or implementation, grandstanding, taking unethical action or making unscrupulous decisions when they want to “get ahead.”
  • Are you transparent about succession? Do you encourage ambition? Or are you or your leaders threatened? If so, seek help in changing the dynamics on your team. This will help you identify and groom your successors.
• Be candid and transparent about the demands of your role.
  • Speak honestly about the demands and the sacrifices you have made or must make today.
  • The CEO job is 24/7. It is not a cliché; it is real. Ensure your staff understands that the ubiquitous nature of technology means that you (and they) may be often “on” and that your actions and words can live on forever.
• Show people. Do not just tell them.
  • Place your high potential leaders in roles that expose them to increasing demands. Opportunities can include: Participating in due diligence for a potential merger; leading a large, visible or risky project; or involvement in a project or role that requires travel.
  • Stretch them along the way so that they can experience it for themselves. They need to develop the coping skills – the thick skin and mechanisms to deal with stress and have the opportunity to evaluate the impact on the other parts of their lives.
  • This also provides you with an exemplary opportunity to monitor their success and to coach and develop them.

Join me in Calgary, AB on November 8, 2016 as I speak about The Change Starts Within: Habits of Highly Successful People at the Women’s Executive Network’s meeting. Click here to learn more and register.

My clients accelerate their results – increasing profitability, leadership performance, innovation and accountability. I would love to discuss how I might contribute to your success. Contact me today.

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