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CEO Innovation –For Successful Business

In the early 19th century an executive would be expected to operate across four tiers of Planning, Organizing, Coordinating and Controlling. Today, these terms form only a humble part of a bigger picture. The advent of technology has significantly changed the role of a CEO. With fast paced changes in technology, a CEO must possess the gift of innovation; a term synonymous with success in businesses.
A CEO is required to be the change. With the figurative use of 'living and breathing' the change, an executive is required to be in a state of preparedness. Innovation helps in Adaptability & Creativity. According to the CEOs of leading organizations, innovation takes a lion's share in the working of a company. An executive spends more than 60 percent of his time in bringing fresh ideas and products that could provide stiff competition to his counterparts from other companies.
With constant updates in ideas, the yesteryear innovations have started to appear anti-intellectual. Therefore, a CEO cannot make provision for vacillation. The idea, however, is to make the change in the process and not on the product alone. With the appointment of a successor comes a new challenge for the board; helping the new CEO achieve success quickly. A new CEO must take hold of the organization and the board early on and create momentum. One way the board can help is through coaching.

When a well-known high-tech company hired a new CEO in late 1999, the search committee ensured that two directors would be on call for coaching, mentoring, and as a sounding board. In some cases, asking the retiring CEO to resign from the board helps the new leader take hold sooner. Combining a rigorous selection process with well-honed instincts about people increases the odds of choosing the right person for the job. Helping the new CEO build momentum increases the chances that he or she will be successful in it.

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