The first order of business, then, is to devise a system that occupies a minimum of director time and still delivers enough useful information to make good decisions possible. The data must be comprehensive but also manageable and convenient.

Furthermore, it must be well organized. Search committees or directors can feel overwhelmed by a barrage of scores, indicators, matrixes and reports, some of which may not match up from candidate to candidate for useful comparisons. Too much information can seem as bad as not enough for busy directors.

Finally, the information must be reliable. That means it should be independent, objective, specific, and accurate. CEO-managed information tends to convey self-interest. It often shows favoritism and is more anecdotal than accurate.

The qualifications of a candidate recommended by a recruiting firm are usually very generic (e.g., effective leader, visionary thinker, etc.).

The characteristics of the CEO position should be aligned to the specific needs of the business. For instance, if the lifeblood of an organization relies on good affiliate relations, then the candidate should have demonstrated skills in this area.

Streamlining the Process
When conducting a CEO succession, we use a tool called the Executive Profile Report (EPR). It is a data-centered instrument that presents objective and comprehensive information. It helps boards and selection committees digest a large amount of data about CEO candidates, but in a succinct and efficient manner.

The idea is not to shortchange the process. It actually provides a wider range of insightful information than is usually gathered about candidates. Then, however, the material is quantified and delivered in a convenient one-sheet summary of each candidate.