A Pandemic Response Includes Creating New Executive Roles
Since this CEO Research Project launched last August, our topics have ranged from economic forecasts and hybrid work polices to ESG and empathy. It is no wonder CEOs today, who feel burdened by the increasing presence of new stakeholders and societal pressures to form a public voice, have decided to leave their posts. Executive outplacement firm Challenger, Gray & Christmas, in its CEO turnover report, found that 16% more CEOs turned over in Q4 of 2021 than in Q4 of the previous year.
During the December Transformative CEO Summit focused on healthcare, however, we found one strategy CEOs were employing in response to the pandemic: the creation of new executive roles. Among our attendees, 25% of them had created a new executive-level position in response to the pandemic. While no one hired a Chief Pandemic Officer, some of the new roles help cover the expanded operations of a CEO’s remit. Over the past few decades, new roles, such as Chief Information Officer (CIO), have formed to help CEOs run their companies. As the pandemic and other issues continue to expand the scope of CEOs’ priorities, shifts in – or additions to – the executive team could be a viable strategy to consider.