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Hiring a CEO made (almost) easy.

J E Ludlam

    Trustee : the Journal for Hospital Governing Boards
    |May 12, 1979
    PubMed
    Summary

    This guide outlines a structured approach for boards to select a CEO, define their compensation, and set employment terms. It covers the entire process from mission statements to final policies for effective executive leadership.

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    Area of Science:

    • Business Administration
    • Corporate Governance

    Background:

    • Board of directors' responsibilities include CEO selection and compensation.
    • Effective CEO selection is crucial for organizational success.

    Purpose of the Study:

    • To provide a systematic framework for the board's CEO selection process.
    • To guide boards in developing fair and rational CEO compensation and employment terms.

    Main Methods:

    • Development of a clear mission statement and job description.
    • Structured candidate recruitment and evaluation.
    • Creation of a comprehensive compensation package and personnel policies.

    Main Results:

    • An organized and rational approach to CEO selection.
    • Clear guidelines for compensation and employment terms.
    • Foundation for effective board-CEO relationship.

    Conclusions:

    • A methodical process enhances the quality of CEO selection.
    • Well-defined compensation and policies support executive performance.
    • Strategic CEO selection is a critical board function.

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