In this episode of I 501(c) You, we talk about the board's role in a recruiting a new CEO with Charlie Murphy. Charlie, who has participated in over 12 search committees, offers valuable insight on how to recruit and hire a new CEO for a nonprofit organization. Charlie talks about the value of an interim CEO, hiring a search firm, the search committee's obligation to the board, and more.
"The ultimate responsibility of the board is to hire the right CEO for the organization." -Charlie Murphy
After listening to this episode, you'll have a better understanding of how to find and hire your organization's next CEO.
Major Takeaways:
Do not hire someone just to get a CEO in the seat. Wait until you find the right candidate (this is harder said than done). (37:00)
You can make the transition process fun. Use this time as an opportunity to upgrade the position. (3:15)
Utilize a search firm. They can help you with many aspects of the hiring process and find you the best candidate for your organization. (5:30)
Timestamps:
00:00 - Episode Introduction
01:00 - Interview starts and Charlie introduces himself
03:00 - How do you approach the recruiting and identification of a new CEO?
04:25 - How do you rally the board when a CEO exits?
05:25 - When should a board engage a search firm versus conducting the search on their own?
07:15 - Name a search committee
08:20 - Evaluating internal candidates
10:45 - How many people should be on the search committee?
12:10 - What is the search committee's obligation to the board?
14:16 - Benefits of hiring a consultant
14:55 - Interviewing a funder’s recommended candidate
16:20 - Bringing in the final candidates from the search firm
18:00 - Do you want to have an interim CEO?
19:40 - The discipline of hiring the right CEO
22:50 - Preserving the confidentiality of candidates
25:30 - What is the board’s role in onboarding the new CEO?
28:30 - Do you onboard an internal hire differently than an external hire?
30:20 - Leaders need to have a vision
31:05 - How do you approach compensation for a new CEO?
35:00 - Search firms and background checks
36:45 - What should you avoid doing when beginning the hiring process of a new CEO?
39:05 - Any last thoughts?
41:34 - Recapping with Read
Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.
Listen to the podcast on any of the following platforms:
Apple Podcasts
Spotify Podcasts
Amazon
iHeartRadio
Visit us at: www.thecorleycompany.com/podcast
Follow us on:
Linkedin and Twitter