Guest Article
Characteristics of Success for CEO’s of Mid-Cap E&P Companies Written by Michael Cripps, Managing Partner, Cripps Sears & Partners
The following comments are the result of a confidential and anonymous survey conducted by Cripps Sears & Partners on the characteristics of success for CEO’s of mid-cap E&P companies. CSP surveyed 40 existing CEOs and senior executives within the E&P sector. Each participant was asked to suggest at least 1-2 characteristics which they felt were most important. The results are below, listed in order of percentage of applicants who mentioned that particular characteristic.
Relevant Sector Experience (22.5%): Our participants considered that a successful CEO should have a broad, fundamental understanding of the business they run, i.e. the full value chain. There should be a clear direction brought about by a clear understanding of the business. In the E&P sector in particular, he/she should have broad experience, both technical and commercial, and should fundamentally understand how to turn hydrocarbons into money (i.e. not a HR director). A successful CEO would also be aware of what he/she doesn’t know and would be prepared to ask the right questions.
A Good Team (20%): 20% of those surveyed felt that the role was not a ‘one man job’ and that the key for success was in identifying and retaining a top quality team around you. A successful CEO is not afraid to surround themselves with high quality experts and can recognise/utilise the values and skills of that team. Strength of character is required to attract those individuals, to control, direct and focus them and, importantly, to not feel threatened by them. A CEO who can promote a healthy team atmosphere at Board level will find success.
Leadership (20%): Our participants considered that a successful CEO should have different leadership styles for different occasions. They should be engaging and compelling with a strong degree of passion and conviction, galvanising and aligning the company. The CEO should lead from the front, generating trust and enthusiasm from the workforce. A CEO should be flexible and adaptable, and able to handle change. A particular skill often quoted in this category was decision making. A CEO should be able to make hard decisions when necessary. They should manage risks and uncertainty and not get ‘paralysed’.
Communication Skills (15%): 15% considered that a good CEO should have excellent 360 degree communication skills, with the ability to deal up and down the organisation effectively, and across cultures. Some of those surveyed mentioned the importance of the ‘Human Touch’ which was defined as the ability to communicate with people/staff genuinely and to be contactable.
Managing External Relationships (15%): 15% percent considered the ability to attract investors and manage external perceptions and messages as vital to success. A good CEO is presentable, politically savvy, understands the role of the company in capital markets, and has the soft skills to listen/communicate with the external world effectively.
Ambition (12.5%): 12.5% percent cited focus as an important characteristic of success. Clarity and determination are other qualities that were mentioned. Energy and stamina were considered important.
Vision / Strategy (12.5%): A successful CEO will have a clear vision and strategy and will effectively communicate this to the Board and through the wider organisation. Our participants stressed the importance of a long term strategy and the resolve to not be swayed by short term market changes.
Charisma (12.5%): Hard to define, our participants considered the charisma and personality of a CEO as key to success. The ability to articulate a strong vision and to personify it was seen as important. The CEO should be the epitome of the business and their character should filter down through the organisation.
Balance (7.5%): 7.5% mentioned the need for balance, in leadership/management skills and personality. A CEO should find a balance between being entrepreneurial and order/processes; a balance between competitiveness and ambition. Leaders should be small and big, loud and quiet, looking at old and new.
Track Record (7.5%): 7.5% considered a successful track record as the biggest key to success. Where it was mentioned, it was felt that consistent delivery of results would point to future success.
Integrity and Honesty (7.5%): Interestingly, only 7.5% considered this vital to success.
About Cripps Sears: Established in 1973 Cripps Sears & Partners is an international executive search firm exclusively serving the Energy & Natural Resources, Infrastructure and Professional Services sectors. This focus gives our specialist teams a depth of industry knowledge and a network of contacts that we are able to utilise to our clients’ advantage as they look to grow their businesses with key personnel.
About Michael Cripps: Educated in the UK, Michael Cripps read sciences and business studies. Mike developed an early career in industrial management before moving into recruitment. Mike formed Cripps Sears whilst still in his 20's and has since developed his international search career to focus primarily on the energy/infrastructure and the energy finance/legal sectors.
Drillers and Dealers :::
::: December 2011 Edition
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