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When it comes to selecting a new CEO, recent history suggests that most companies choose from a small pool.
Over the past 20 years, 85% of newly named S&P 500 company CEOs have come from four positions: chief operating officer, division chief executive, chief financial officer or a second-level management position leading a large business unit, according to data from Executive Search. Consulting firm Spencer Stewart.
But with the curve on technology since the start of the pandemic and the growing need to stay at the forefront of digital transformation, recent appointments suggest companies are starting to look to technology leaders as CEOs.
Those in technology leadership positions, usually chief technology officer or chief information officer roles, were previously seen as CEOs, but often the company is more tech-centric in nature. For example, Parag Agrawal was Twitter’s CTO before replacing founder Jack Dorsey in November 2021.
Agrawal, Twitter’s CTO since 2017, described Dorsey as “behind every critical decision” in his resignation letter to employees. As CTO, Agrawal helped guide the company’s technical strategy and lead the development of AI and machine learning technology, he said. His company bio.
While being Twitter’s CEO at this point is as tough a job as any CTO-to-CEO, Ash Atawale, senior managing director at Robert Half’s executive search practice, said after Agrawal’s appointment “there was a lot going on.” CTOs ‘What about me?’
Atwale pointed to two CEOs who both rose to that level after serving in technology-focused positions: Microsoft CEO Satya Nadella, formerly the CEO of the company’s cloud and enterprise group responsible for building and running computing platforms, and Intel’s CEO. Pat Gelsinger, who was Intel’s CTO before leaving to become EMC’s COO and later VMWare’s CEO.
IBM CEO Arvind Krishna followed suit: He spent nearly 30 years in various technology leadership positions at the company, most recently overseeing the company’s cloud and cognitive software business before being named CEO in April 2020.
“If it’s a technology-oriented company and technology is the core business function, it’s an easy transition,” Atawal said. “But for a manufacturing company, you might look to someone on the sales side.”
But a growing number of companies from other sectors are looking at technology as a key business driver, presenting new opportunities for technology leaders with CEO ambitions.
Grill maker Weber appointed chief technology officer Alan Matula as interim CEO in July after Chris Scherzinger resigned.
In the year Matula, who was named CTO in March after serving as Weber’s CIO since 2015, previously spent more than 35 years with Shell, including as CIO from 2006 to 2015.
It’s partly a reflection of how the company best known for its metal kettle grills is approaching technology for its next level of growth. Weber leans into connected grill technologies, recently unveiling the Weber Connect Grilling Hub, which connects to an app on your phone that prompts you to whatever you’re cooking on the grill and provides step-by-step instructions and notifications. Things like when you need to flip meat or make it.
Weber has also been active in the tech space through M&A in June at 2021, a smart appliance and technology company, after previously leading the startup’s Series C funding round and partnering on products. Weber also acquired iGrill, a company that made connected thermometers, in 2016.
“We believe the connected capabilities offered by our technology-enabled products will enable us to be more connected to our users and bring a new generation of fans to join our global community of Weber loyalists.” Until the summer 2021 IPO.
Matula is credited with leading the company’s R&D organization, as well as its Internet of Things and digital initiatives. In the year In the company’s third-quarter earnings call on August 15, he said he would focus on “driving product innovation” and noted that he has “experience in global business transformation, cost management and leading the business through unprecedented times of change.” “
Weber did not respond to a request for comment.
Trucking services company XPO Logistics announced earlier this month that Mario Haric will take over from Brad Jacobs after the company won the high-tech trucking brokerage business in the fiscal fourth quarter.
Harrick has served as acting president of XPO’s less-than-truckload, or LTL, business since last October, and has spent more than 10 years as the company’s chief information officer.
“He’s been working with LTL as CIO for about seven years because as soon as we got the network, we started developing the technology,” said Jacobs Harrick on XPO’s second quarter earnings call with analysts on Aug. 5. He has led countless innovations that have given us huge business benefits.
For future technology leaders looking to make the leap into CEO roles, investing in themselves to develop the skills to meet those unique challenges is key, he said.
That might include getting an executive MBA or being asked to lead a team at a large organization. Other soft skills, such as public speaking or presentation skills, are also important.
“Sometimes tech people are seen as annoying, but sometimes you don’t need to be interrupted,” he said. “A company might want strategic, thoughtful leadership; that technology leader can bring in their core functional expertise, but integrate that with the business side and all the finance?”
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