Boeing's Quest for a New CEO: 5 Essential Qualities Needed
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The State of Boeing
In recent times, Boeing has faced a series of unfortunate events, drawing significant media attention. Their airplanes have encountered severe operational issues, prompting CEO Dave Calhoun to resign as the company initiates a search for a new leader and a broader management overhaul.
Calhoun's tenure began in January 2020, a time when Boeing was already in turmoil. Just prior to his appointment, two tragic crashes involving Boeing 737 aircraft resulted in the loss of 346 lives due to a faulty flight control system and various quality assurance problems.
The Misstep in Leadership Selection
When Boeing brought Calhoun on board, they made a critical error in their hiring strategy. It’s a common pitfall in recruitment: failing to pinpoint the Ideal Candidate Profile that aligns with the company’s needs. Calhoun, with his background as a trained accountant, was not the right fit. Instead, Boeing should have sought a leader with a robust engineering and technology foundation.
A New Chairman to Lead the Search
The company has appointed Steven Mollenkopf, former CEO of Qualcomm, as the new chairman. With his engineering and product management expertise, he will spearhead the quest for Boeing’s next CEO.
Identifying the Right Qualities
To navigate its challenges, Boeing needs to prioritize engineering and technical expertise. The ideal candidate should embody the traits of a "5 Tool Player," a term used in baseball scouting to describe exceptional talent. Just as players like Ken Griffey Jr. and Willie Mays excel in multiple facets of the game, Boeing's future CEO must possess a diverse skill set that includes:
- Visionary Technology Insight
- Product Acumen
- Business Savvy
- Leadership Prowess
- Resourcefulness
This concept draws inspiration from a talk by former LinkedIn CEO Jeff Weiner at a Talent Connect Conference about a decade ago.
Assessing Candidates for Success
To identify a standout candidate, Boeing should evaluate potential leaders based on the following criteria:
- Visionary Technology Insight: It's crucial for Boeing to embrace the technological advancements of today. Leaders like Elon Musk are not only innovating in aerospace but also revolutionizing the automotive industry and infrastructure. Boeing must prioritize quality over short-term profits.
- Product Acumen: The design and functionality of airplanes have largely remained static for decades. Regular reviews of design and software systems are necessary to ensure they meet modern customer expectations.
- Business Savvy: The new CEO must translate their product and technological vision into tangible results while prioritizing quality, as the safety of lives is paramount.
- Leadership Prowess: Significant changes are needed, and the new leader must have the courage to challenge the status quo, which may involve difficult decisions, including personnel changes.
- Resourcefulness: This individual should be adept at executing tasks efficiently and effectively, leveraging their network to achieve high-quality results promptly.
While the roles being filled may not be as intricate as the Boeing CEO position, candidates possessing even a few of these key traits can be valuable assets. However, those who embody all five qualities may be rare finds, akin to the likes of Musk, Gates, or Bezos.
Prioritizing Engineering and Product Skills
For Boeing, the top priority is to find a leader with strong engineering and product expertise. This leader can then recruit a capable CFO to complement their business skills.
Best of luck to the search firm tasked with finding Boeing’s next CEO; they will surely need excellent coffee to fuel their efforts.
Chapter 2: Insights from Industry Experts
This video discusses the critical task ahead for Boeing's new CEO and the importance of rebuilding trust within the company.
In this video, industry analysts explore potential candidates to replace Boeing's CEO and the qualifications they should possess.
