New CEO? Determine Where Firm Is Now And Focus Fast

ByJohn S. McClenahen Employees, customers, shareholders and suppliers are among those asking "Now what?" when a new CEO takes over, particularly in a financially troubled firm. The new chief executive should respond in six ways, advises Chicago-based Randy Wilson, director of corporate recovery at Citigate Global Intelligence & Security LLC. First, take stock of the company's position, he advises. "Before you can determine where your organization is going, you need to know where it is right now," says Wilson. Next, focus faster than you think you need to. Arm yourself with metrics, evaluate your leadership team honestly and shed business units that don't fit, he counsels. And, urges Wilson, tell the world that you get it. In other words, let employees, suppliers, partners, shareholders and customers know what the company's new focus is.