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 are sure to have a better idea 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 leader
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.
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