Thankfully, most of us aren't charged with the job of finding the perfect CEO for a multi-million dollar company. Choose wrong and the whole corporation could fall apart right beneath your feet and you'd be remembered forever as the guy who picked the wrong guy; but no pressure. Now, in the event that you really are in a position to pick out a new CEO, here's a big tip that you may find useful: hire externally.
That's right, hire someone from the outside. Don't worry about internally promoting because that has shown to be a mistake for a number of reasons. In a study focusing on 51 CEOs from publicly owned tech companies, those that were internally promoted showed a revenue growth of 35% over three years. Okay, that's not so bad, but of those CEOs that were hired from the outside showed a revenue growth of 99% over that same three year period.
What is it with external hires that get things done? Take a look at this infographic for more and let us know what you think in the comments.