The primary responsibility for making a successful transition rests with the new CEO, of course. Moving into 2020, CEOs will continue to have some external and internal concerns. Technology is not only changing customer relationships and … New tensions are building around Latin America, Hong Kong and the Middle East. His solution was an expedited four-month strategic-planning process called Focus Carolina, announced in his first month in office. Here are 5 of the top challenges we see CIOs facing in 2020 and beyond. Nick has worked in the board portal space for two years, which has enabled him to gain a better understanding of the needs of boardrooms and the type of content that resonates with board directors, general counsels and corporate secretaries. According to a survey of 740 CEOs of the Conference Board, a business research group, the top worry for CEOs is a recession. What they can do is to work on developing more innovative cultures and new business models to manage the issues that are within their power to change. Executives must understand each challenge and develop strategies for overcoming it, with the help and support of the board, the senior management team, and top executives in HR and communications. It was no surprise, particularly with 2020 being a presidential election year, that dealing with an ever-changing landscape of government regulations topped the list. Driving and sustaining growth is especially difficult to achieve in this environment. When Pastides took over at his university, the school’s trustees wanted to know his plan for change and how quickly he could implement it. 1 priority. One assumed advantage internally promoted CEOs have is that people in the organization know them. Over half of US CEOs plan to leverage new M&A in 2020 (vs. 35% CEOs globally). Of course, CEOs will not be able to control some of the issues that create their deepest worries. Far too often, insider CEOs are left to sink or swim in their new roles, regardless of how ready they are or the size of the leap they’re making. Both positions were unmoved from 2018. Business leaders are feeling a great deal of anxiety about the uncertain future of the finance world. Think about priorities and timing before acting on pent-up desires. Through our research and our experience working with newly promoted CEOs, we have identified insiders’ five key challenges: operating in the shadow of their own past; making early decisions that surprise and disappoint supporters; overseeing former peers; pacing change; and managing the outgoing CEO. 15 top priority. You’ll need to explain that personal feelings will play no role in the decisions you make; your priority is to do what’s best for the entire organization. Lack of resources to fund upskilling programmes is a top challenge, according to US CEOs. Nicholas J. The promotion is often the culmination of years—maybe decades—of hard work. The first-stage trade deal between the United States and China under the Trump administration gave many corporate leaders around the world a new sense of confidence. Everyone comes from somewhere,” says David Verinder, who spent four years as Saraso… They’ve established credibility and support. Lack of feedback can lead incoming chief executives to make substantial mistakes. They were both gracious and ended up being instrumental in my and the company’s success.”. For every longtime trusted ally from whom advice is solicited, one or more people who represent a different perspective should also be consulted. But with significant focus on operational efficiencies in the next 12 next months, you can reinvest some of the savings into upskilling 2.0 efforts. This was the No. The videos in particular were “a big win” in helping people get to know him. Skilled in Digital Strategy, Marketing Strategy, Demand Generation, Lead Generation, Sales, Market Research, and Content Development. Bart van Ark, chief economist at the Conference Board, shared the fact that growth in domestic product dropped slightly from 2.3% to 3% the world over. In the United Kingdom, there will likely be less concern about the impact of Brexit, at least until trade negotiations begin again. It can also be difficult for new CEOs to be objective about things they helped shape or championed in previous roles—for example, the strategic plan or major initiatives such as acquisitions. Stress is bound to plague CEOs as uncertainty over trade trickles down to all kinds of companies and industries. The board should offer coaching or counseling. (See “The Successor’s Dilemma,” HBR, November–December 1999.). At Michelin NA, Wilkerson knew that two close colleagues had also been candidates for the CEO role. Recession Rises on List of CEO Fears for 2020 Economic slowdown and trade uncertainty are top concerns in survey of global business leaders . Despite its accelerated timetable, the process drew input from all key constituencies on campus.