This article was originally published by Restaurant Dive and later republished by Yahoo Finance.
Chad Hesters, CEO of global executive search firm Boyden, offers insights into the critical role of selecting the right CEO—especially in turnaround situations. He warns that appointing someone from outside the industry can be risky due to the steep learning curve, which may delay effective decision-making during a pivotal time. A successful turnaround CEO must quickly understand the needs of the board, customers, and employees while simultaneously developing 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.”
The article highlights examples like Brian Niccol’s leadership at Chipotle and Starbucks, underscoring the value of operational experience and industry familiarity. Hesters emphasizes that emotional intelligence, strong communication skills, and a deep commitment to reshaping company culture are essential traits for CEOs in these roles. Boards that prioritize these qualities have seen meaningful progress in restoring performance and stability.
You can read the full article here.
