When Liam McGee departed as president of Bank of America in August, his explanation was surprisingly straight up. Rather than cloaking his exit in the usual vague excuses, he came right out and said he was leaving “to pursue my goal of running a company。” Broadcasting his ambition was “very much my decision,” McGee says. Within two weeks, he was talking for the first time with the board of Hartford Financial Services Group, which named him CEO and chairman on September 29.
McGee says leaving without a position lined up gave him time to reflect on what kind of company he wanted to run. It also sent a clear message to the outside world about his aspirations. And McGee isn’t alone. In recent weeks the No.2 executives at Avon and American Express quit with the explanation that they were looking for a CEO post. As boards scrutinize succession plans in response to shareholder pressure, executives who don’t get the nod also may wish to move on. A turbulent business environment also has senior managers cautious of letting vague pronouncements cloud their reputations。
McGee says leaving without a position lined up gave him time to reflect on what kind of company he wanted to run. It also sent a clear message to the outside world about his aspirations. And McGee isn’t alone. In recent weeks the No.2 executives at Avon and American Express quit with the explanation that they were looking for a CEO post. As boards scrutinize succession plans in response to shareholder pressure, executives who don’t get the nod also may wish to move on. A turbulent business environment also has senior managers cautious of letting vague pronouncements cloud their reputations。