Outsider CEOs
2015 CEO Success
study
April 2016Briefing Document
April 2016Strategy& | PwC
About the 2015 CEO Success study
Strategy&, PwC’s strategy consulting business, annual study of worldwide CEO
succession patterns examines the degree, nature, and geographic distribution of
chief executive changes among the world's 2,500 largest public companies.
Outsider CEOs
Hiring an executive from outside a company to serve as chief executive officer
used to be seen as a last resort —something that typically happened when a
board of directors had to force out the incumbent CEO suddenly, or had failed to
groom a suitable successor, or both. Over the last several years, however, more
companies have deliberately chosen an outsider CEO, more often than not as
part of a planned succession. In this year’s report, we look at the data on
outsider CEOs and the circumstances in which outsiders are being hired.
For more information on the 2015 CEO Success study, please visit:
strategyand.pwc/ceosuccessApril 2016Strategy& | PwC
Summary
Companies are now making a deliberate choice in their succession planning to bring in outsider
CEOs. In the latest four-year period (2012–15 boards chose outsiders in 22 percent of planned
turnovers, up from 14 percent in 2004–2007. That represents a 50 percent increase in the rate of
outsider selection.
Industries experiencing the most disruption have brought in higher-than-average shares of
outsider CEOs.These industries include telecommunications (38% incoming outsider CEOs from 2012
to 2015), utilities (32%), healthcare (29%), and energy (28%).
Outsider CEOs were morelikely to be hired if
the:
same company
Outsider CEOs were less likely to be hired if
the:
company
Outsider CEOs have closed the performance gap with insiders. For the third straight year, outsider
CEOs have delivered higher median total shareholder returns than insiders.
Western European companies in general are hiring outsiders more reactively than proactively.
Western European companies hire almost double the share of outsider CEOs compared with
companies in the U.S./Canada. Additionally, outsider CEOs in Western Europe are significantly more
likely to be appointed to low-performing companies and more likely to be forced out.。。。以上简介无排版格式，详细内容请下载查看