An and assessing the management. However, a disadvantage of

An advantage to hiring a new CEO
internally is that CEOs who have worked with the company have an edge over
those who have not worked with the company. This is because company-specific
knowledge about its vision, mission, and values cannot be easily acquired, and
CEOs without firsthand experience at the company won’t be able to quickly understand
certain elements of the company that internal hires will already know. As a
result, internal CEOs can often start implementing their new ideas quickly
because there is no time spent on learning company operations, understanding
the culture and processes, and assessing the management. However, a
disadvantage of hiring a CEO internally is that after working with a company
for an extended amount of time, it can be difficult to think of alternative
ideas and solutions to problems the company may be facing. Also, by hiring a new
CEO internally (and in general), it may be difficult to implement larger reforms
or change the strategic vision and/or mission of the company.

 

When hiring a new CEO externally,
there are more options to choose from because the talent base from outside a
company is much larger. In addition, bringing in a new person can be a great
way to gain a new perspective on how achieve company goals and improve
performance. This insight can help to transform a company and revitalize a
company’s vision and/or mission. However, it can be difficult to learn a new
company’s operations, understand the culture and processes, and assess the current
management expeditiously when a CEO is hired externally as mentioned above. Because
of this, those who hire a CEO without experience with the company may
experience longer timeframes to implement much needed changes. In addition,
passing over qualified applicants may send the message that the company does
not value employees, making it harder for current employees to buy into the
changes a new leader will make.

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