Thursday Luncheon: What it takes to be a CEO

What does it take to become a CEO?

“I was fortunate to work for someone who gave me stretch assignments – whether it was talking to an auditorium with 3,000 people or serving as the sole negotiator at a boardroom table,” explained Lisa Wardell, president and CEO of Adtalem Global Education. To reach the point where stretch assignments that build new skills are given, she pointed out that “performance metrics in your primary job assignment are the table stakes.” Beyond that, use other assignments to prove your talent, build relationships and demonstrate that you understand the business, she added.

As you approach the end of the journey to the CEO office, how do you recognize the conversation that you are on the short list of candidates for the job?

The conversation is never as straight forward as “you are on the short list,” observed Arne Sorenson, President and CEO of Marriott International. It is more likely to be “Are you willing to take this on?” or “We need some help in this area.”

However the wording may be, Sorenson suggested, “It is always right to say yes. Particularly if the person asking you has insight into your abilities and your goals.”

If you do believe that you might be on a list as a CEO candidate, Sorenson offered another piece of advice. “Do not let the possibility of becoming a CEO control your behavior or affect your performance in your current job or your relationships with colleagues.”

What sacrifices have you or your family made in order to be a CEO?

“This is what I’ve always wanted to do, so I don’t believe I’ve made any sacrifices,” said Bill Lacey, president and CEO of GE Lighting. The road to CEO, however, does affect a family, he admitted.

“In my 25 years with GE, my family has moved eight times,” said Lacey. “I didn’t think about the frequency of moves until my son – who was in sixth grade at the time – remarked after a visit with my brother and family that it was weird that his cousin had lived in Louisville all of his life. My son didn’t realize that we were the family that was weird!”

CEOs and their families do find themselves having to watch social media practices and take steps to protect their privacy and security, especially during difficult times such as downsizing or restructuring, added Lacey.

Who does a CEO talk to for advice or feedback?

“I talk to everyone,” says Sorenson. “The most powerful four words for a CEO to use are ‘what do you think’ and I use them when talking with people in all areas of the company, customers, friends, peers, and family.”

All panelists agreed that family is important to a CEO. “I’ll never forget when I was having a conversation with my mother and she was telling a long story that kept getting longer. I finally had to tell her that I needed to end the phone call because I had to get ready for an interview,” recounted Wardell. Her interview was with the Wall Street Journal, but her mother’s reaction was “I thought you said you were doing OK. Have fired you already?”

Wardell added, “Family keeps you grounded.”