"CEOs who excel at adapting are 6.7 times more likely to succeed. As a CEO you are constantly faced with situations where a playbook simply cannot exist. You’d better be ready to adapt.” Dominic Barton, Global Managing Partner, McKinsey & Co.
From 2000 to 2013, about a quarter of the CEO departures in the Fortune 500 were involuntary, according to the Conference Board.
The fallout from these dismissals can be staggering: Forced turnover at the top costs shareholders an estimated $112 billion in lost market value annually, a 2014 PwC study of the world’s 2,500 largest companies showed.
This excerpt from HBR (here) highlights how getting to the top is hard but staying there is even harder and costly when it doesn't work out.
As McKinsey chief Barton says adaptability is absolutely essential, but easy to say and harder to do. Those that get to the top in most companies do so because of their depth not their breadth.
Companies reward and promote for depth but then wonder why their top talent lacks breadth, i.e. agility. Time to redefine what talent looks like.