A Critical UberCEO and Board Investment - The Corporate Shrink
Wednesday, July 15, 2009 at 6:00 AM 
Everyone knows, UberCEOs don't get where they're at without help from others. We've learned that one of the most valuable consultants a Board and CEO can employ is the Corporate Shrink.
When should a Board, Venture or Private Equity Investors pull the plug on their CEO? We've heard numerous stories about CEO firings because the CEO was incompetent, unmotivated, didn't have people skills or couldn't manage the people around her. In private, those Boards members and Investors will tell you they waited too long to pull the trigger. We advocate a Corporate Shrink be used to get to those answers more quickly.
First, find the Corporate Psychologist credentialed and experienced working with senior executives. If you're a Board member you can tell the CEO you are employing a "corporate consultant" or engage him in the process. We recommend engaging the CEO, but if you are truly trying to sort out your CEO, you'll need to create a smokescreen like "We believe you have people pissing in the pool making your job more difficult. We've brought in Dr. Freud to help you."
Once you hire the psychological consultant, let him operate within the organization freely. Visits with the company once a quarter should be sufficient. The cost per visit depending on the time spent (2 days is typicall) will range from $5k-$10k. It will be worth it and improve the health of your business if you hire the right consulting firm.
The consultant should work closely with the CEO to observe him in private, in meetings and with her staff. The consultant can profile the staff, senior executives, test them with the latest psychological testing tools and techniques. That information should be provided to the Board and the CEO. The CEO can work with the consultant and Board to remove underperforming staff. Likewise, the Board can use the corporate shrink to frequently evaluate the CEO.
If you or your company have successfully used a corporate psychologist to improve the health of your company, we'd like to hear about it. Tell us who you used and how they worked to help the CEO and the business.
Reader Comments (8)
Another alternative to a corporate shrink is a CEO membership organization, like Vistage International. Vistage has over 15,000 members in 16 countries dedicated to helping one another bring their business to the next level. We meet in a confidential setting in groups of 15, all from non-competing industries. Our commitment is to ask tough questions of one another, provide guidance to each other, hold each other accountable and meet the challenges of our rapidly changing business environment. In addition, each CEO meets one-to-one with a certified business coach in the CEO's office for two hours every month. The result is that CEOs become better leaders, make better decisions, and get better results.
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