The phases of the chief executive's career

Abstract

CEOs follow the same basic career path to the top. • W ' l here are sev| eral well accepted models of career stages. For example, Douglas T. Hall (1976) has identified the four stages most people experience (exploration, establishment, midcareer, and late career) and has discussed the typical challenges that occur during each stage. However, there are few, if any, comprehensive studies of the entire career paths of a large group of top executives. We know the stages the average business person experiences, but what about the extraordinarily successful person who rises to the top of a major corporation? What are the major events and transitions in their careers? Careful analysis of the career paths of 230 chief executive officers of large industrial firms revealed certain consistent patterns of career development. Although no two executives followed exactly the same path, and lines of demarcation were not always clearly drawn, there were identifiable phases of career development and progression. Chief executive officers (CEOs) of all basic industries and manufacturing firms were identified from the Forbes 1988 listing of corporate America's top CEOs. Then biographical and career data were obtained from the 1988/89 edition of Marquis's Who's Who in America. Company founders were eliminated, as were executives for w h o m career data was too sketchy. This left a group of 230 chief executives with w h o m to conduct the study. Six distinct phases of career development were identified (see F igure 1). The significant events occurring in each phase are described below. Phase I: Exploration (1 to 5 years)