Is CEO self-demotion the ultimate example of ‘quit while you’re ahead’? Lisa Smyth learns when is the right time to go, on your terms, in your way.
Blood, sweat and tears, that’s what it has taken – everything you have. You have built your business up from nothing to a successful, thriving company. Or, you have climbed up through the ranks and now have a seat at the top. You have worked harder for this than for anything you have ever worked for before. There is absolutely no way you are giving it all up, right?
In 2000, Bill Gates shocked the business world when he stepped down as CEO of Microsoft to become Chief Software Architect. While he remained Microsoft’s Chairman until 2014, Gates’ departure from running day-to-day operations at the height of Microsoft’s success was concerning, and confusing, to many – why did he do it? And, importantly, should you do it? And if you should, when?
WHEN IT’S TIME FOR A FRESH PERSPECTIVE
Paul McCann, the 47-year-old Managing Partner of Grant Thornton, Ireland’s fifth largest audit and accounting firm, confronted the same confusion when he announced in November 2017 that he would not be seeking a third term.
“Lots of people told me to go for another round since it’s all gone so well, but I figured I should quit while I was ahead, and allow someone with new and interesting ideas to take the helm. A good and profitable business should have plenty of great leaders,” reports McCann who oversaw the business grow from 30 partners and 420 staff to 48 partners and 1,200 staff during his six-year tenure. He will be returning to client work at Grant Thornton as head of the firm’s financial services advisory unit.
Many CEOs are forced to step down due to scandal or failing to meet business objectives, and others step back for personal reasons or to retire (though the 87-year-old CEO of Berkshire Hathaway, Warren Buffett, recently announced he has no plans to do so anytime soon).
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Lito German Is Driving Change And Accelerating Growth For Sandbox
After years in the automotive industry, CEO Lito German is now driving change and accelerating growth for importer and distributor Sandbox Middle East.
They're Pioneers In Enshrining Green Values Into Everything They Do
CEO Chamaiporn Uerpairojkit explains how thai plastics giant tpbi was committed to sustainability long before the government made an industry-changing announcement last year.
Maverick Unicorn
Spotify co-founder and CEO Daniel Ek is a textbook example of the startup gurus propelling their companies to billion-dollar valuations.
''Increase The Velocity''
Adapting Camfil’s business model to work at a faster pace was critical for the business to thrive in today’s China, according to managing director Michel Moulin.
Device Manager
Covid-19 tore the world’s tech supply chains asunder, the effects of which are still being felt today. But through steady management and quality of work, malaysian component manufacturer analog devices has managed to thrive during the storm.
Going Antiviral
Chiaphua Industries chief marketing officer and co-founder of Germagic Hamilton Hung has transformed the appliance manufacturer into an antiviral research and development powerhouse. And he has done so with patience and vision.
Risk Vs Return
Add pandemic fallout to a low interest-rate environment and you have a challenge for highnet-worth investors. Where might opportunities lie?
Expect The Unexpected
For lockton philippines insurance & reinsurance brokers ceo vic valledor, providing affordable premiums for the poorest families is vital, especially considering the recent challenges of the covid-19 pandemic.
The Ultimate Investments
With the global economic recovery from the pandemic underway, many analysts are suggesting now is the time to invest – but will whisky, soybeans or bitcoin find a way into your portfolio?
The Future Of Fintech
Covid-19 has accelerated the world’s shift to a digital economy, and airwallex co-founder and president Lucy Liu wants to make sure there are more female fintech leaders with her at the top.
