One of the most important decisions that your company will ever make is choosing a CEO. There is nobody else in the company who will have as big an influence. Therefore it is important to choose the right person. This is not as hard as it sounds if you are clear about what you are looking for.
The first thing that you are going to have to do when you are choosing a CEO is to determine what exactly you need from your CEO. For example if your business is in a highly technical business you might need somebody who actually has those technical skills. In other cases you may find that you need somebody with skills in growing a business more than you need to find somebody who has the technical skills in your business. You also have to look at what kind of experience you need, does he need to have experience in your industry or is somebody with a track record of growing businesses in other fields going to be a better choice.
After you have decided on what exactly it is you need from your CEO you are going to want to find somebody who is a good fit for your company.
It is also important that you keep your company culture in mind. All businesses have a certain culture and making sure that your CEO fits into that culture is going to be important. If not you will likely find that the employees don’t work well for him. Of course there may be times when it is necessary to change your corporate culture; in that case you are going to want to find a candidate who can bring in the type of culture that you want.
The next thing that you are going to have to consider is whether you want to promote somebody from within the company to the job or do you want to find somebody else to do it. There are advantages to both approaches. Obviously if you promote somebody from in you will be familiar with him and he will be familiar with your company. This will mean a minimum of change. The downside is that this person will likely not have any experience as a CEO. Hiring someone from outside will mean you can find someone with experience but it also means that you will have a harder time determining how well they will fit into your company.