Final answer:
When selecting a new CEO, qualities to look for include leadership skills, industry knowledge, strategic thinking, and strong communication. Compensation should align with the company's goals, and performance measures should be tied to key metrics.
Step-by-step explanation:
When selecting a new CEO for a company, there are several qualities to look for:
- Leadership Skills: The CEO should have strong leadership abilities, be able to inspire and motivate others, and make tough decisions when necessary.
- Industry Knowledge: The CEO should have a deep understanding of the industry in which the company operates, including market trends and competitors.
- Strategic Thinking: The CEO should be able to develop and execute a long-term strategic plan for the company, identifying opportunities for growth and innovation.
- Strong Communication: The CEO should have excellent communication skills, both verbal and written, to effectively convey the company's vision and goals to employees, customers, and stakeholders.
When considering compensation for the new CEO, it is important to evaluate their contribution to the company's success. This can include a combination of salary, stock incentives, and bonuses tied to performance. The specific breakdown of compensation should align with the company's financial goals and industry standards. Performance measures for the CEO should be tied to key metrics such as revenue growth, profitability, customer satisfaction, and employee engagement. Regular performance evaluations should be conducted to ensure the CEO is meeting expectations and driving the company towards its strategic objectives.