Why Do CEOs Get Fired?

I’m providing this because it’s interesting. None of the info is mine. I’ve credited the sources in the body. Statistics determined that 52% of CEO’s were fired, 48% resigned.

Enjoy.

52% of CEOs were fired. 48% resigned.

LinkedIn study of 4000

First jobs of CEOs were

  1. consultant,
  2. software engineer,
  3. analyst,
  4. sales manager,
  5. project manager,
  6. account manager,
  7. manager,
  8. founder,
  9. associate &
  10. software developer

Forbes study of 1087 Board members of most common function before becoming CEO.

That were they doing?

  1. Biz dev, sales,
  2. engineering,
  3. info tech,
  4. consulting,
  5. finance,
  6. entrepreneurship,
  7. operations,
  8. markets

What were they doing before becoming CEOs?

  1. 72% were directors before becoming CEO.
  2. 20% were promoted internally
  3. 80% promoted externally

Why were the fired?

  1. Poor business performance
  2. Board relationship
  3. Lack of key skill set
  4. Alienating the management team

Forbes – 1087 board members

  1. Mismanaging change
  2. Ignoring customers
  3. Tolerating low performers
  4. Denying reality
  5. Too much talk, not enough action

Why the board pulls the trigger

  1. They lose the board
  2. Being in the middle of scandal
  3. Not meeting expectations
  4. Not having majority control
  5. A new buyer
  6. Fire themselves (resign)
  7. Lose influence over their team
  8. Company outgrows their abilities

How to Prevent Getting Fired

  1. Know you can get fired
  2. Grow sales
  3. Pour into team
  4. Develop new leaders
  5. Bring on new customers
  6. Bring new partnerships
  7. Create alliances
  8. Prevent mismatch
  9. (From Patrick Bet-David on You Tube)

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