Many consider the role of CEO as the top of the barrel. CEOs achieve an enviable corporate position that doesn’t leave much room for upward mobility. But even the king or queen of the castle may decide it’s time to move on.

At this juncture, they may decide, what’s next? It’s a bit like a rock star or famous actress leaving the career field. Do they just take on positions as gas station attendants?

Fortunately, there are several positions suitable for CEOs. You must simply decide which appeals to you most.

Board Roles

CEOs often move to board positions, whether at their company or another company. The transition requires a change in focus. For example:

• Day to Day Management vs. General Oversight: CEOs deal with various departments ensuring they meet short- and long-term goals and objectives, while board members prioritize an overall strategic plan.
• Leadership Styles: CEOs may take a collaborative approach, but decision making is often in their court. In a board setting, every decision requires input from various parties.
• Team Leadership vs. Thought Leadership: CEOs focus on leading and inspiring teams. Once in the boardroom, your focus shifts. You must concentrate on presenting thoughts and ideas that you can sell to the board aimed at optimal growth.
• Corporate Oversight: A board member’s job is to empower the CEO. They must create a tight bond ensuring they don’t bypass the CEO by seeking out approval from another executive and manager. Expertise in the field can help create a beneficial relationship.
• Financial Oversight: CEOs determine how improvements in operations can help the organization reach its financial goals. The board of directors tracks daily revenue, ensuring that the company stays on track and that the CEO is set up to help it achieve its goals.

Private Equity

CEOs expertise in the business world may qualify them for a position in private equity. However, like any career path, adjustments are required. Here are some things to be aware of throughout the transition.

• Expertise is Essential: The firm you invest in will value your knowledge. Choose an organization that aligns with your CEO experience.
• Networking is Key: As CEO, it’s likely you have your share of networking experience. It will come in handy when attending industry events and becoming active with professional organizations. Many firms work with executives they have built a trustworthy relationship with. Networking will get your foot in the door.
• Stay Informed About PE Activities: You will achieve success by staying informed about activities in the PE industry. Platforms like PE Hub can be helpful. Subscribe to their newsletter to learn about deals in your area of expertise.
• Adjust to a Fast-Paced Environment: CEOs may have slow days and busy days. In the PE industry, you always need to hustle. Driving change and delivering results quickly is crucial.
• Wear Multiple Hats: PE firms seek executives that can wear multiple hats. Showcase your comfort and versatility in execution.

Politics

A Harvard Law School study reveals most people feel that businesses can influence the future of the United States. Furthermore, CEOs are often asked to take a political stance in how they run their companies. As such, many CEOs may find themselves seeking to join the political arena after they move on from their positions.

A CEO may start by getting involved with a local politician they believe in. They may work themselves up to running for office as a mayor or in a government position. Here are some steps to follow on your journey.

• Determine Your Position: Consider and establish your political goals and start gaining support through networking.
• Focus on Listening: Spend the first three to four months of your career attending events and listening before making any crucial decisions.
• Communicate End Goals: By the sixth month, communicate your end goals, promote them tirelessly, and gain insight on how to achieve success.
• Launch Initiatives: Launch four or five initiatives that support your cause. Make it clear that more change its on its way. Promote confidence among your supporters.
• Acquire Personnel: Align yourself with a reliable staff that shares your vision.
• Share Your Progress: Make others aware of your progress to gain support and credibility. Recognize those who have helped you get there.
• Gain Feedback: Gain feedback on your actions and learn what people are saying so you can address criticism, learn from mistakes, and reinforce why change is necessary.

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