Cushman & Wakefield's Michelle MacKay on the advantages of board-to-CEO leaders
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Good morning. Cushman & Wakefield's Michelle MacKay, Larry Culp of GE, Richard Dickson of The Gap, and Carol Tomé of UPS all have something in common: They were appointed CEO after serving on the boards of companies they now run. Such board-to-CEO transitions have become more common for multiple reasons, from the complexity of the business landscape to a desire for boards to instil seasoned leaders they know and trust. For MacKay, serving on three public boards after retirement stoked her ambitions to take on a CEO role.
'Those three years that I spent in board seats, with a little more time for myself, were probably the most important years of my career journey, which is ironic, because I wasn't working full time,' MacKay told Fortune in this week's Leadership Next podcast. 'I really hadn't stepped back in a number of years and reconsidered my own path.'
Her background in finance and real estate were appealing at a time of declining revenues. When Cushman's then-CEO John Forrester asked MacKay if she'd consider becoming CFO of the company, she said no, instead agreeing to become COO in 2020 with a clear path to becoming CEO in July of 2023. 'It was a big challenge with a big brand and I had somebody who backed me from the onset. And I thought, 'You know what? We got one version here, one life. I'm just going to go for it.''
While tariffs, geopolitics and other issues continue to weigh on the global outlook for commercial real estate services, MacKay has led the firm to growth again. Board service gave her a holistic view of not only the company but also her career. With CEO turnover near record highs for much of the past year, more leaders may find a period of pause on boards inspires them to return to corporate leadership with fresh eyes and purpose. Said MacKay: 'Can one be too engaged? I don't think so.' You can listen to the podcast here on Apple or Spotify. More news below.Contact CEO Daily via Diane Brady at diane.brady@fortune.com
This story was originally featured on Fortune.com
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