Historically, it’s been rare to have an external CEO appointment. Incoming CEOs promoted internally often establish relationships and understand operations better than those from outside.
Heidrick & Struggles’ data shows that in major U.S. companies, 79% of new CEO appointments were internal, revealing a strong trend towards promoting from within.
Despite the trend, Heidrick & Struggles selected Tom Monahan as their new CEO instead of Tom Murray, who had been with the company since 2018.
Murray recognized that one of his biggest mistakes was not fostering a stronger relationship with the board, emphasizing the importance of strategic discussions.
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