This article was originally published in the Restaurant Dive.
Chad Hesters, CEO of global search firm Boyden, provided insights into the qualities necessary for a turnaround restaurant CEO in order to be successful. In the article, Hesters emphasizes that selecting an industry outsider for a turnaround role can be risky, as the steep learning curve may hinder swift and effective decision-making during a critical period of change. A turnaround CEO must quickly grasp the needs of the board, customers, and employees while simultaneously crafting a new strategic direction. As Hesters puts it, “Turnarounds are difficult because, very typically, a CEO will take that job and have to be painting the plane while they’re flying it.” Boards have seen progress when leaders implement clear strategies that restore order and drive performance. Hesters advises that successful CEOs should possess high emotional intelligence, strong listening and communication skills, operational experience in or adjacent to the restaurant industry, and a deep commitment to understanding both consumer and employee needs. Additionally, the CEO must be ready to reshape the company’s culture and rebuild a more agile and responsive leadership team.
You can read the full article here.
