Five traits future community bank CEOs must possess
Financial institutions looking for their next CEO often have difficulty finding the perfect candidate, says J. Timothy O’Rourke, President and CEO of Matthews, Young & Associates, Inc. In this post, O’Rourke describes traits that community bank CEOs must possess in 2013.
Finding your institution’s next CEO
By J. Timothy O’RourkeWhen our firm initiates a new CEO search or succession plan, we work with the owners and/or Board of Directors of the client institution to build an “Ideal Candidate Profile.” This profile, while useful, is a target that can seem unrealistic when you start to see real, live candidates. I often simplify the profile to a short list of knowledge, skills and abilities (KSAs) that are critical. This becomes a “must have at a minimum” list. We recently produced a list of critical “musts” for a community bank CEO search. Listed below are the five traits that we all agreed were needed by any bank CEO of the future:
- Ability to see local community needs and think outside the “Banker Box” to envision how the bank can satisfy the unmet needs.
- Ability to inspire all constituencies with a vision that creates value for customers, staff and shareholders.
- Keen risk management skills to manage risk under all economic scenarios.
- Ability to manage a wide diversity of products and service lines.
- In-depth understanding of how technology is changing the marketplace.