Dear CEO – It’s Go Time
By John Koelmel, Senior Advisor
A recent Wall Street Journal article documented the reality and risk of being a CEO in these incredibly uncertain, volatile and challenging times. Last year, almost 400 public company CEOs exited – a 24% increase from the prior year. Among all US businesses with at least 25 employees, 2,200 Chief Executives departed in 2024. Those are higher rates than we have experienced in decades.
Running a business today is hard. And hard work. Really hard. Five years after navigating a myriad of unforeseen challenges resulting from a world-wide pandemic, we now have a very unpredictable storm of geopolitical and economic issues – artificial intelligence, tariffs, recession threats, DEI scrutiny and more. Having the right leader in the CEO seat is all the more important for every organization. A leader who is not only capable and qualified, but who is also willing and wanting to rise up to meet the challenges ahead. This is another opportunity for the very best leaders to further separate their organizations and themselves from the pack. Are you ready to surge ahead? Do you have what is needed to differentiate and win? Let’s compare notes on what it will take.
Board/Ownership Alignment and Support – CEOs today are under increased scrutiny to deliver targeted outcomes. Accountability for delivering on all performance metrics is all the more elevated. The dynamic between you and your Board/Ownership is critical. Clarity is a mandate and there is no room for confusion on what is expected. Be open and transparent. Communicate constantly – not periodically. The “no surprise rule” is paramount. Talk about not only about how you will succeed – but also what could go wrong, and how you will respond. Ensure you create and maintain alignment on the definition of success. Solidify their trust and support.
The Right Strategy – in challenging times, it’s obviously important to revisit your strategy and ensure your gameplan is still relevant. In uncertain times, that process can be all the more difficult, and often paralyzing. Challenge yourself and your team to think differently. Use scenario-based planning processes to enhance decision making and create organizational flexibility. But be decisive. Steve Jobs said, “sometimes you just have to pick the things that look like they’re going to be the right horses moving forward. Have courage of your convictions.” Engage your team to ensure you have all of the best thinking. But embrace your responsibility to articulate a clear plan and path forward. Be bold and courageous.
The Team You Need – versus the Team you have. In uncertain times, it’s all the more imperative to not only have the right people in the right seats on the bus – but also have a nimble and agile Team that can pivot and respond to unexpected opportunities and unforeseen challenges. Critical talent evaluation is always important – and for the most successful teams that is an ongoing core process. Make sure you take an extra hard look at your current roster and determine what changes are needed. Seek out and recruit top talent that will round out your team and fill key roles. Top talent is always looking to join an organization that is ready to surge to the lead pack. Ensure you have a Team you can trust from top to bottom. And while addition by subtraction is not a fundamental mathematical concept – it is a key business principle. Make the tough personnel decisions you have been loath to do – you can’t afford to wait any longer.
Team Development – when resources are limited and the future is unclear, prioritizing the investments you make is obviously critical. While those debates and decisions are difficult, ensure you continue to invest in your people – both individual and Team development. These are times when you need a fully engaged organization. You need to lean on your leadership group – and they in turn on each other and their teammates – to ensure you have the best collection of thoughts and ideas on how to navigate the path ahead. Having the right Team is only half the solution – optimizing that combination of intellectual capital will help separate you from pack. Invest in them – with both individual and team development – provide them with coaching and other relevant growth opportunities. You’re playing the long game. Ensure you have a solid succession plan and process in place. You want to sustain and further scale the outcomes and benefits of the near-term surge. Keep investing in your best and brightest.
Humility – leaders are expected to have all the answers and make the right decisions. In challenging and uncertain times, the pressures and expectations of being all-knowing and making the right call can make for many lonely nights. But it’s not all about you. While you do need to make the final call and be accountable for the outcomes, this is a time to be even more open and vulnerable. Seek out other opinions – contrarian ideas. Really listen to what others have to say. Accept you don’t have the all the answers – and understand that the Team doesn’t expect that from you. Lean on them – they want to be heard. Engage your Board and other outsiders you trust and respect. Gather the best and brightest minds, ask the right questions, listen intently – and then trust your knowledge and experience to be decisive.
Communicate – it’s easy to share good news and positive stories in the best of times. However, it’s all the more important to openly and consistently communicate with all constituents during challenging and uncertain times. Maintaining the trust and confidence of all those around you, both internally and externally, is essential to your success. Be even more open with your thoughts and plans. Far better to play offense and communicate what you foresee and anticipate, than be put on the defensive by your Board, shareholders, Leadership Team, organization or other constituents to explain what went wrong. Stuff will happen. This isn’t a game of perfect. Don’t compromise the trust and respect you’ve worked so hard to earn. Communicate, communicate, communicate.
The best of the best organizations that surge ahead over the next few years will succeed for a variety of reasons – better product, service, technology or other competitive advantage. But they will all have one common denominator – best in class leadership. A great CEO. One that creates and maintains alignment with ownership and shareholders and is all the more nimble and agile in executing an advantageous strategy. A leader who assembles and develops the right team, is an effective communicator and leads with genuine humility. You’ve got this. It’s Go Time.
At Catapult, we partner with CEOs and Boards to navigate uncertainty with clarity and confidence. From executive coaching and leadership development to board advisory and strategic talent planning, we help leaders rise to the moment—and prepare for what’s next. Ready to start the conversation? Let’s talk.
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