Building a dream team: Tips for new CEOs
The chief executive officer (CEO) role can sometimes be misunderstood. It certainly is a position of importance, and the CEO is ultimately accountable for a company's performance, but in many cases those chosen to support the CEO are the real drivers of success.
I became CEO of Vestmark, a portfolio management solutions provider, in the summer of 2022, and before that, I held the position at online investment brokerage E*TRADE. So I can say with some confidence that one of a new CEO's first, most important tasks is choosing the management team.
Building a 'dream team' will look different based on the company and how you like to lead. Having led companies of 400 people and 4,000, however, I believe the principles are the same. Taking pages from my experiences, these are some general suggestions I would offer for anyone entering a new CEO position as they build out their dream team.
When I start a new role, the first thing I do is listen. Talk to the existing team and to the people who report to them. If you come in thinking you know everything or are already planning to bring in 'your people,' then you're doing yourself, your company, and your employees a disservice.
The corollary is to not go on listening too long. It's tempting to try to get everyone's opinion, especially in a smaller organization. That path leads to paralysis. Connect with key players at each group and level, then start making decisions.
2. AVOID GROUPTHINKERS
Teams that value consensus aren't necessarily a bad thing, but if roles seem fuzzy, or everyone has a veto, that might be a sign of an organization that isn't getting the best out of each team member.
Whether looking for new hires or restructuring, your job as CEO is to ensure each leader has a clear role and area of responsibility, establish how they are to work together while respecting each other's zones of expertise, and to provide a clear vision for them to work towards.
3. LOOK FOR TEAM MEMBERS WHO WILL ADD 'DIVERSITY OF THOUGHT'
At each CEO stop, I have benefitted from building teams with what I call 'diversity of thought.' That might arise from different backgrounds, experiences, or personality profiles. Certainly expertise and proficiency matters, but don't be afraid to go outside your industry to find it.
I'd go one step further and say it's good to have people come in with different backgrounds and people who have experience solving problems in different ways. It doesn't mean that you throw everything up in the air, but getting your team working in new ways keeps leaders asking questions and pushing themselves.
4. HIRE PEOPLE YOU LIKE TO BE AROUND
As CEO, you need to be able to bond with your team and have them bond with each other. You don't have to be best friends. Yet, I like the people I hire and elevate to be what I call 'Sunday people'—good, decent people with a high EQ with whom I could see myself spending a Sunday afternoon. If you can't have an hour-long conversation with a candidate, you probably won't enjoy working with them either. Now, the person I can talk to for an hour may not be the same person you would find engaging—that's where each CEO gets to shape a team that works for them.
5. MIX SEASONED PROS WITH UP-AND-COMERS
As CEO, you have an opportunity to mentor new leaders, and having some people at that stage on your executive team lets you work closely with them. Having a blend of more seasoned peers alongside young talent can benefit each professionally as they absorb new ideas, knowledge, and energy from each other, which is an asset to your company. Getting the right mix can be a powerful cultural sparkplug for the entire organization.
6. BUILD A REPUTATION FOR INVESTING IN YOUR PEOPLE
Whether a new addition or established expert, every person on your leadership team deserves the opportunity to grow. You need to have the courage to invest in talent. Giving gold-star performers more responsibility or new opportunities, or putting them in a position to build their own teams, will help you attract and keep the right people.
Doing so also puts the pressure back on you. When something works, as CEO, it's tempting to avoid change, but doing that can cause stagnation and brain drain when top talent walks out—and then a new CEO may be called in to set things right.
Change is scary, and some people will resist. That's natural, but it can slow you down, so as CEO, you'll also have to make tough decisions and try different things until you find what works—like a coach putting the right talent on the field. Your job is to set the strategy and vision, find people to execute on that vision, and stress accountability. It won't happen overnight, but once you get that team of people who are passionately bought into that vision and they click, that's when the dream team becomes reality.
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