How Board Members’ Perspectives on CEOs Have Changed Over Time

Across our conversations, what emerges is a clear shift away from heroic leadership models and rule-based governance, towards a more relational, behavioural and system-oriented view of CEO effectiveness. 

The modern CEO is no longer judged primarily on intellect, confidence or track record, but on judgment, adaptability and the ability to work productively with the board.

Below are the most consistent ways board members told us their thinking about CEOs has changed.

What this article reveals at a glance

1. Risk mitigation has overtaken external star power.
   Boards increasingly prefer CEOs they already know - internal candidates or proven quantities - over external hires with impressive but untested profiles.
2. CEO success is now seen as a system outcome, not an individual one.
   Board members place less emphasis on individual brilliance and more on team dynamics, behaviour and interaction.
3. Behaviour and judgment matter more than formal governance.
   Rules and frameworks are necessary but insufficient. CEO failure is now widely understood as a behavioural problem first.
4. The board–CEO relationship has become central to performance.
   Boards increasingly see themselves as partners in decision-making, not distant overseers, and they recognise how damaging misalignment can be.

Taken together, these shifts point to a more demanding and more human model of CEO leadership: one that emphasises transparency, judgment and relational competence over charisma or control.

Boards increasingly expect CEOs to identify internal successors 

“If you've got to continually go outside for your CEO, then you're not actually doing really good succession planning. You've got to have internal options, and I always want the CEO to take real accountability for developing his or her successors.” Sir James Wates CBE, Chair of the Rugby Football Union and Vestey Holdings Ltd, former Chair of Wates Group

Behaviour and power dynamics matter more than rules and regulations

“We came to the conclusion that there are enough rules and regulations about governance. The real issue behind board failure is behaviour. Most scandals aren’t caused by lack of rules. They’re caused by how people behave.” Gerry Brown, Chair of NovaQuest Capital Management and G Brown Associates, co-author of Disaster in the Boardroom

Boards have become more facilitatory and less controlling

“A good board, and especially a good chair, isn’t about control. It’s about facilitating good decision making by asking questions, exploring risks and opportunities, and creating space for challenge.” Tamara Box, Partner at Reed Smith LLP, Chair at Interpath Advisory & The Eve Appeal, NED at Hanover Capital, and Trustee at the Chartered Management Institute

EQ has overtaken IQ as the real differentiator in CEO performance

“If you’re not good at influencing, building relationships, and really listening, you won’t be effective in the long run. Experience and IQ alone are not enough.” Angela Seymour-Jackson, Chair of PageGroup, Deputy Chair of Pikl, SID at Trustpilot Group, and NED at Future and Janus Henderson Group

Team dynamics matter more than individual brilliance

“I used to think it was much more about superstar individuals. Over time, I’ve changed my mind. It’s really about interaction, dynamics, and how people work together as a system.” Dr Tomas Chamorro-Premuzic, Professor of Business Psychology, UCL & Columbia, Chief Innovation Officer, ManpowerGroup

It’s as important for CEOs to show their working as it is to get the answer

“Boards are much more conscious now that CEOs operate in a permanent scrutiny environment. Decision-making isn’t just about outcomes anymore, it’s about how those outcomes are reached and explained. That’s shifted expectations of CEOs towards judgement, communication and resilience, not just execution.” Dorothy Burwell, Partner at FGS Global, NED at Post Holdings, and Pennon plc

The board has become the CEO’s partner, not just their observer

“When I was earlier in my career, I worried almost exclusively about the chief executive. I didn’t really understand the role of the chair or the power of the board until I saw good and bad boards up close. Now, I see how terminal it is for a CEO to get that relationship wrong.” Sir Ian Cheshire, Chair of Land Securities Group and Spire Healthcare Group. Former Group Chief Executive of Kingfisher plc and Chair of Channel 4, Barclays Bank UK and Debenhams