2020
-
From the Halls of Montezuma to the shores of Tripoli, the U.S. Marine Corps has valiantly and reliably served and protected the nation and its interests for more than 240 years. “Americans will always want a force that looks the enemy in the eye,” wrote John Fannin in the Marine Corps Times. One “who can…
-
Maintaining Diversity & Inclusion During Workforce Reductions [Russell Reynolds Associates]
•
2 min read
The COVID-19 pandemic has been incredibly disruptive to organizations, with many having to make the difficult decision to reduce their workforce as a result of lost revenue. Companies that are going through layoffs have to contend with a multitude of complicated issues, and often neglect to take into consideration the impact those actions will have…
-
CEO Succession Plans in a Crisis Era [Harvard Law School Forum on Corporate Governance]
•
3 min read
CEO succession planning is one of the most important responsibilities of a corporate board, and one of the most challenging. In the best of circumstances, directors are working thoughtfully to anticipate the future, develop potential successor candidates over several years, and to ultimately have one of them step into the top spot. In emergencies or…
-
According to recent research from Russell Reynolds and The Conference Board, more than 70 percent of companies who have created a senior-level crisis response team in the wake of the pandemic have appointed legal staff to that team, and many have appointed their Chief Legal Officer to run it. This shouldn’t be surprising: The Coronavirus…
-
The Board’s Impact on Long-term Value [Harvard Law School Forum on Corporate Governance]
•
2 min read
Taking a long-term approach in business leads to superior performance. Companies that orient themselves around a long-term time horizon while also delivering against short-term objectives have been shown to outperform their peers on several key business measures, including revenue, earnings, economic profit, market capitalization and job creation. These companies were hit hard during the last…
-
The COVID-19 crisis has increased the demand for board insight, oversight, and advice, while boards attempt to adapt to new ways of working, new tools, and new structures. Many have stepped up as a powerful sounding board for stressed CEOs. Other boards struggle, not contributing as needed or causing unnecessary distractions. Despite the fact that…
-
CEO succession planning is one of the most important responsibilities of a corporate board, and one of the most challenging. In the best of circumstances, directors are working thoughtfully to anticipate the future, develop potential successor candidates over several years, and to ultimately have one of them step into the top spot. In emergencies or…
-
In February 1992, General Motors announced that it had lost $4.5 billion the prior year, then the worst ever annual loss for an American corporation. In the short-term, things didn’t get better. Losses the following year totaled $23.5 billion. In the middle of this bleak period, GM’s board took decisive steps. The company’s chairman and…
-
Board Leadership and Performance in a Crisis [Harvard Law School Forum on Corporate Governance]
•
2 min read
Every industry across the globe has faced a crisis at some point in time. While most large companies survive, many struggle for years following a period of severe adversity. Others prevail and become stronger than before. How companies address crises has changed over time, as has the role of the board. Amid COVID-19’s rapid spread…
-
Few senior leaders have faced a challenge in their career as severe and potentially consequential as the Coronavirus pandemic and its global impact. Leaders who often rely on pattern recognition and past experience are finding that today’s issues have no historical comparison. This period is a truly novel test of their leadership ability – and…
-
In 2020, the world entered an unprecedented economic era, triggered by a global pandemic and the contemporaneous collapse in commodity prices, demand for certain goods and services, and a breakdown in supply chains. This was further fueled by constraints on productivity and consumerism due to a need to practice social distancing and to shelter in…
-
Tone at the Top: The Board’s Impact on Long-Term Value [Russell Reynolds Associates and FCLTGlobal]
•
2 min read
Companies that orient themselves around a long-term time horizon while also delivering against short-term objectives have been shown to outperform their peers on several key business measures, including revenue, earnings, economic profit, market capitalization and job creation. These companies were hit hard during the last major economic downturn—as were most businesses—but saw a higher-than-average rebound…
-
Even in the best of circumstances, leadership transitions are tough. Failure rates are estimated at 40 percent, and it often takes 6 months or longer for a new leader to get to breakeven productivity levels. Today, as leaders are operating in the most challenging circumstances most have ever faced, executive transitions are even harder. If…
-
Leadership in a Pandemic [Chief Executive]
•
1 min read
Pandemics are unlike any other challenge we face as leaders. There are no words to fully describe the feeling of dread when you find out one of your colleagues has fallen ill. There are also no words to describe the feeling of pride when you hear of a colleague going out of their way to…
-
Interview-based assessments are a critical element of an effective executive hiring process. They can be conducted very effectively in a virtual environment – and indeed, the current situation notwithstanding, many already are. That said, the COVID-19 pandemic creates added dynamics that are important to consider. While much has been written about the logistics and technical…
-
Every industry across the globe has faced a crisis at some point in time. While most large companies survive, many struggle for years following a period of severe adversity. Others prevail and become stronger than before. How companies address crises has changed over time, as has the role of the board. Amid COVID-19’s rapid spread…
-
5 Key Considerations for Candidate Engagement in Today’s Crisis [Russell Reynolds Associates]
•
1 min read
Great candidate engagement has always mattered – it can be the difference between getting a great candidate and losing one. The COVID-19 crisis is throwing up a multitude of new challenges. How organizations deal with them will be hugely important to keeping hiring processes moving and maintaining strong talent pipelines for once the crisis has…
-
7 Simple Tips and Reminders for Successful Video Interviewing [Russell Reynolds Associates]
•
1 min read
For many good reasons organizations and candidates have a preference for meeting and interviewing in-person. As many organizations reduce travel and restrict visitors to their offices amidst the COVID-19 pandemic, the temptation may be to reschedule those in-person meetings. We strongly advise that organizations focus instead on shifting to virtual interviews. This will ensure candidate…
-
Driving Leadership Performance and Development in a Crisis: Ten Enduring Lessons [Russell Reynolds Associates]
•
1 min read
The current COVID-19 pandemic is a global tragedy with profoundly human consequences. It is also creating situations where we have seen examples of extraordinary human performance and growth, as individuals and leaders come together to do what they can to help those around them. As senior executives naturally focus on the immediate implications of this…
-
Pandemics are unlike any other challenge we face as leaders. There are no words to fully describe the feeling of dread when you find out one of your colleagues has fallen ill. There are also no words to describe the feeling of pride when you hear of a colleague going out of their way to…
-
Reviewing financial statements, audit activities, and compliance activities are all part of the work required of board members to keep the company running on the right path. But the most successful boards do far more than this, focusing on more forward-looking, value-creating, strategic issues. Earlier this year, Russell Reynolds Associates surveyed 750 board directors about…
-
Public company boards are under pressure from investors. This stems not just from the usual focus on performance, but increasingly from questions and concerns regarding the quality of the board itself. Board composition has become a focus both for institutional investors pushing for long-term thinking and for activist investors demanding short-term performance uplift. There are…