I enjoy reading the newsletters and your latest post describes an important PROBLEM. And I agree with everything you said. However, IMHO, there is a very easy solution to such a problem… and the problem is that too many “generalist entrepreneurs” run their companies “solo” for too long.
What you were missing is to have a “Specialist Co-CEO”. As I said in my post: Reinventing BODs: “I recommend using the following COMMON-SENSE approach to solve the proverbial Expert/Generalist dilemma”…
“Generalists – reinvent old business models & generate new growth strategies
Experts – use domain-specific expertise to significantly accelerate, enhance, and optimize the revived growth strategies”
Unless CEOs resemble Moses and can part water, BODs must insist that all CEOs have a competent Advisory Board in place and choose the right Co-CEO. After all, seeing the big picture is equally important as paying attention to domain-specific details…
And who can dispute the famous proverb that: “the two heads are better than one” – just ask Merriam-Webster Dictionary… It says: “it is easier for two people who help each other to solve a problem than it is for one person to solve a problem alone”
Like in PROCUREMENT, single-source seldom works. Dual redundancy does. So, why should progressive BODs leave the company’s fortunes in the hands of a single executive? Not only would it solve @AaronDinin’s problem – but a dual-CEO structure could also significantly help with another issue…
I am talking about the opportunity to solve the Gender Equality problem – especially at much larger corporations where BOD Co-Chairwomen could serve side by side with BOD Co-Chairman. So, the duality concept is not limited to CEOs. It can be extended to BODs, Advisory Boards, etc.
BODs could be mandated to nominate female Co-CEOs at every publicly traded company and female Co-Chairs of the BOD. As more companies begin to understand that the volatility is here to stay and that due to IT, Digitization, and AI innovation most corporate reinventions must now take place every 2-3 years, it’s time for the BODs to act proactively...
