Communication the key for CEOs in tough times

An industry forum hosted by executive search agency Russell Reynolds Associates and corporate law firm Gilbert + Tobin has revealed the changing role of the CEO as companies enter more volatile times.

A white paper published after the event identifies four key challenges for CEOs:
1. Navigating the company through the worst economic crisis since the Great Depression;
2. Anticipating the unexpected and getting stakeholders to understand this ‘new world’;
3. Earning the trust of all stakeholders by communicating effectively with the Board,
managing the expectations of investors and earning the respect of employees; and
4. Building integrity with the market through up-to-date and frank exposure.
 
The panel agreed that transparency and effective communication were two of the most important attributes a CEO could give to a company.
 
“One of the main attributes companies are looking for in a CEO is his or her ability to communicate as a leader, both internally and externally,” said Antony Beaumont, managing director of Russell Reynolds Associates. “In these recent hard times, many CEOs are failing to effectively engage with external markets.”
 
Beaumont added that the recent turnover of CEOs was evidence of the fact that finding the right person was difficult: “There’s an increasing premium on CEOs who have a strategic ability to look over the horizon and anticipate the unexpected, as well as the ability to really make things happen and deliver results. When you start boxing that together, you’re asking for a lot in one person."