With cut-throat competition in the technology landscape, it takes a wonderful balancing act for technology CEOs to be successful, renowned and retain their jobs.
A good tech Chief Executive Officer requires an ability to wisely evaluate the macro environment and make decisions necessary to compete in this fast changing environment.
Recently, Silicon Valley saw the departure of Yahoo’s CEO Carol Bartz from its position in strikingly different situation; she was fired over phone by Yahoo’s Chairman. There are very few CEOs, or better say- no CEO who has the ability to repeat the success of Apple’s Steve Jobs. He stepped down from his post due to his health reasons, ending his hugely successful CEO tenure at the company behind the success of iPhone and iPad.
His leadership skills have become inspiration for all industry veterans, even after his death. A CEO must possess some essential traits to lead the company to breathtaking heights and live out a successful tenure. Let’s check out:
1. Must have quick decision-making ability and the vision to distinguish changes
A significant factor for tech CEOs is to analyze and evaluate the constantly changing dynamics of the tech, Internet and media industries in order to stay relevant and focused. A CEO must reinvent his company in order to adapt to the changing needs of the market.
Many CEOs go for major overhaul and take risks based on future market trends. Google’s CEO, Larry Page has recently streamlined its operations to focus on core areas.
A CEO must anticipate technology trends and take bold decision to encash the opportunities. For instance, many companies are heading towards cloud seeing the increasing trend in cloud computing.
2. Have a keen eye for micro details
Long-term vision can only be achieved if small goals are observed vigilantly. A CEO must be aware about even the tiniest detail of the company. A small glitch is enough to ruin the company’s fortune. It is observed, successful CEOs don't overlook internal structures and processes as imperfections could lead to the bigger issues.
In today’s world of cut-throat competition, even a small error can cause big blunder; and a small change can yield big results.
3. A fine balance between cost-cutting and innovation
Experts cited, many big players have lost out to smaller companies because they focused on their cash registers for too long and did not foresee the shift in industry dynamics.
Many CEOs in a cost-cutting blitz compromise on innovation which sometimes leads to the demise of the company.
Former HP CEO, Mark Hurd was great when it came to cost-cutting. But, he completely ignore innovation which later on started hurting HP. The company’s new CEO Leo Apotheker recently announced his plans to spin off HP’s PC business and drop WebOS products to focus exclusively on enterprise software.
At the crux, it is found, these traits and qualities will put a CEO at par with rivals. And nobody knows, tech industry may witness another Steve Jobs in future.
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