What you should do when your CEO has been fired
8th June 2011Today is the day! The whisperings, endless covert meetings, unfamiliar corporate advisors buzzing in and out have resulted in the decision that the man at the top has got to go. The final deal has been signed, the statement agreed and the moment has come where you have to tell everyone. So what should you do?
1. Agree what you are going to say and stick to it
This applies to all communications channels and clearly, if you are a public company you will have to make an immediate stock exchange announcement. If you have active social media channels, post the statements on Facebook and Twitter, as well as any internal networks. Even more importantly, step up social media monitoring and establish your response strategy.
2. Select your spokespeople, then media train and rehearse them
It is always a difficult experience to have to announce bad and potentially damaging news and even the most experienced spokesperson can falter. A robust rehearsal will ensure that the spokespeople appear confident, decisive and in control, which reassures internal and external audiences.
3. Decide on your media strategy
Depending on what time of day you are going ‘live’, agree in advance which news programmes and journalists you are going to talk to. Your key trade journals are just as important as your nationals, so it is important that a spokesperson is assigned to talk to these publications at the same time. If it is a high profile sacking, make sure the press have access to someone or a team of people who can acknowledge their requests. Ignoring them will not make them go away – they will just get more frustrated and angry and, as a result, sting harder.
4. Make sure your staff are well briefed and know what to say if they are asked questions
It is extraordinary how often staff are left in the dark. This leads to rumour and speculation and puts employees in an uncomfortable position. Give staff a sheet of questions with answers. Again, this demonstrates that the company is in control and that the messages are consistent. Make sure senior management is visible and accessible. This will maintain morale, reduce uncertainty and fear, and help build loyalty and support.
5. Tell your clients/customers what has happened and what the succession plan is
It is not great for business if your clients/customers learn about what has happened to their supplier or trusted advisor via the media or another third party. Make sure that the company has direct contact with customers and suppliers and other stakeholders to tell them about the changes, ideally enclosing the statement or press release.
6. The King is dead. Long live the King!
Too often the focus is on the outgoing CEO and not his or her successor. It is important that the arrival of the new CEO is positioned as a strong and positive event for the company. Make sure an announcement is made about why he or she was chosen to lead the company, including a biog and personal details to circulate on all internal and external channels, including social media.
