Archive for the ‘Hiring’ Category

Six Tips to Demystify Hiring a COO for a High-Growth Company

13 April 2018

Executive Recruiters sometimes say the most difficult C-Suite search is finding the right COO. Even agreeing on the job description can be a battle! It doesn’t need to be so hard!  Here are 6 tips to demystify the process.

  1. Understand Why It’s Difficult: A problem is easier to solve if you understand the root cause.  The COO role differs from all other C-Suite roles for one reason: while other C-Level jobs are defined in relation to the work to be done, the COO’s role is mostly defined in relation to the CEO as an individual.  From company to company, the role of COO is hugely varied, depending on (a) the needs of the company and, even more importantly, on (b) the strengths — and the desires — of the particular CEO.
  2. Pick One of the 7 Types of COO’s: The first requirement is to pick the “type” of COO needed.  There are as many as seven different “types” of COO’s as listed later. Each of these different types arises from the different motives behind creating the position in the first place.  Once you agree on these motives, picking the type is easy.
  3. NOW Tackle the Job Description: Only after you’ve agreed on your motive for hiring a COO — and you’ve picked the type – can you now create the COO’s job description; which things will s/he do (and which things will the CEO still do.)  Define the COO’s role to be complimentary to the particular CEO.  Define the roles so the CEO can focus on the things at which s/he excels and, hopefully, enjoys.
  4. Agree on Decision Making Authority: One of the toughest things to determine is which decisions the CEO is now going to relinquish to the COO. You’ll not be able to attract a top-notch COO if this is not discussed in advance.  Define clear decision-making “rights” for the COO, with explicit and reasonable lines of demarcation between CEO and COO decision making responsibilities.
  5. The Last Remaining Hurdle: Throughout the recruiting process you need to determine two more things:
    1. Establishment of Trust— The most important aspect of a successful CEO-COO relationship is the establishment of trust.  Trust begins with the CEO coming to terms with why a COO is even being added to the C-Suite.  The CEO must then convey the “why” to any prospective COO.
    2. Respect— The CEO and COO must have mutual respect. They need to recognize and appreciate the skills each brings. And they must be completely open with each other. This is the “chemistry” that people often speak of and it must be determined before the COO is hired.
  6. A Short-Term Alternative – an Interim COO: The process or specing and then hiring a COO can be daunting, particularly if it takes a long time for the CEO and the Board to work through all the above.  If that’s the case – and if you have immediate needs — you might consider bringing in a seasoned Interim COO while you work through the process.  This should NOT be a “try-and-buy” situation, but rather someone who can be an extra set of hands to “get stuff done” while the CEO and the Board work through the process.  In addition to getting stuff done, a good Interim COO can help you get through the above process more quickly.

Seven Different COO Roles

As noted earlier, the different types of COO’s arise from the different motives behind creating the position in the first place.  Note: In some companies, the COO could play two roles at the same time.

Seven Types of COO’s:

  • Executor.  Execute strategy; deliver day-to-day results.
  • Change Agent.  Lead a specific strategic imperative, such as a turnaround, a major organizational change, or a planned rapid expansion.
  • Mentor.  Mentor a young or inexperienced CEO (often a founder). As the CEO develops, this COO role will either disappear or be heavily restructured.
  • CEO’s “Other Half.”  If CEO is the kind of person who works best with a partner.
  • Heir-apparent.  To groom—or test—a company’s CEO-elect.
  • Important Team Player.  Promote to the COO role an executive considered too valuable to lose.

What I Do:  I am a professional Interim CEO or COO.  Since 2000 I have been asked 24 times by investors and/or board members to jump into a company on an interim basis to help the company get started, restarted, or grow to the next level. I am an agent of change.  LinkedIn  www.linkedin.com/in/DesmondPieri

 

I am thankful for Tom Poole, My First Boss. One Man, Four Lessons, An Immeasurable Impact.

22 November 2009

This Thanksgiving, I am thankful for my first boss, Tom Poole, who died a year ago.  A quiet, unassuming Down Maine’r, as a young man Tom left the Pine Tree State first to fight for our country and then to make his mark on the business world.  In his retirement, he returned each summer to his cottage in northern Maine.

Tom taught me four lessons — about hiring, making unpopular decisions, buying a cottage (in Maine!), and taking vacations — that have had an immeasurable impact on my life and, by association, the lives of many around me.  Each lesson has its own story which, (more…)