Making the right appointment of CEO is a crucial decision. Accordingly, executive search briefs tend to be conservative: seeking a candidate from the same sector and a similar culture mitigates some of the risk.
Will this strategy attract the very best talent? There are clearly downsides to hiring someone from another sector. Any lack of knowledge on the part of a new CEO can cause disruption to the incumbent management team. This can be healthy in some circumstances and disruptive in others.
On the other hand, the benefits that cross-sector hiring can bring, whether at CEO level or a level or two below, are compelling.
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(Source: Retail Week)