Zurich, February 28, 2008: New bosses replace old staff but fail in building new teams – what is meant to secure a job often leads to the opposite: the boss’ early departure
Top Executives in Switzerland and Germany get fired quicker than ever. At 9 of the 20 companies of the Swiss Market Index (SMI) the bosses were replaced within the last 12 months. The average tenure of CEOs is continuing to decrease to now four years. When CEOs take their new office, it is common practice to replace key people with new ones, often by those known from previous jobs and expected to be loyal in return for the promotion. What is intended to allow a fresh start and to secure the newly taken position is one of the reasons for the decreasing duration of CEO tenure. Hiring the best individuals does not mean having the best team. Top Executives underestimate the time and effort needed to build a team. That is why choice ltd., a Swiss executive and business coaching consultancy, has developed a new coaching method to help CEOs avoid the most severe mistakes when starting a new job. – Shepard Fox Communications prepared the announcement of the new coaching approach, developed the key messages and send out the press release to custom-made distribution lists.