Six rules of departure for CEOs

Schumpeter's article "The last 90 days" in The Economist "... [drafts] six rules to govern bosses' departures":

1. The wise executive is neither tardy nor rushed. Sometimes he has no choice in the matter. Hopeless bosses may be forced out fast. Great leaders may be ambushed by fate. ... for those with the luxury of choosing when to go, timing is everything.


2. Whether wicked or glorious, all leaders must steel themselves for the emotional shock of their abdication. This is the second rule and the most easily ignored. The unlucky will find that investors cheer.


3. ... resolute executives are as unsentimental in their last 90 days as in their first. They retain the counsel of trusted outsiders and focus on the important things, especially themselves. They obey the third rule; to keep a beady eye on their compensation.


4. Glory is just as important as treasure and so the fourth rule is to create a narrative about the future and past. Leaders must be seen to be leaving for another great and noble task, and must mythologise their legacy.


5. The wise chief will grit his teeth and commit to the fifth rule: do not make big decisions in the last 90 days.


6. Their legend secure and treasure-chest full, cunning leaders should obey a final rule: ensuring that the next occupant of the job does not outshine them.

Read the complete article here.