When Ford Motor Company looked to replace Bill Ford as CEO, it turned not to another auto industry insider but instead to Boeing's Alan Mulally. We talk with Harvard Business School professor Joseph L. Bower to better understand Ford's move and the larger issues of CEO succession. Key concepts include:
New CEOs are often plucked from outside the company—about a third of the time for S&P 500 companies.
Industry knowledge isn't a specific determinant of a new CEO's success, but knowledge of the business is crucial—see Lou Gerstner at IBM.
Companies need to plan CEO succession ten years in advance—not react to an immediate situation.
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