In this episode of I 501(c) You, we talk about the board's role in a recruiting a new CEO with Charlie Murphy. Charlie, who has participated in over 12 search committees, offers valuable insight on how to recruit and hire a new CEO for a nonprofit organization. Charlie talks about the value of an interim CEO, hiring a search firm, the search committee's obligation to the board, and more.

"The ultimate responsibility of the board is to hire the right CEO for the organization." -Charlie Murphy

After listening to this episode, you'll have a better understanding of how to find and hire your organization's next CEO.

Major Takeaways:

1. Do not hire someone just to get a CEO in the seat. Wait until you find the right candidate (this is harder said than done). (37:00)

Timestamps:

00:00 - Episode Introduction

01:00 - Interview starts and Charlie introduces himself

03:00 - How do you approach the recruiting and identification of a new CEO?

04:25 - How do you rally the board when a CEO exits?

05:25 - When should a board engage a search firm versus conducting the search on their own?

07:15 - Name a search committee

08:20 - Evaluating internal candidates

10:45 - How many people should be on the search committee?

12:10 - What is the search committee's obligation to the board?

14:16 - Benefits of hiring a consultant

14:55 - Interviewing a funder’s recommended candidate

16:20 - Bringing in the final candidates from the search firm

18:00 - Do you want to have an interim CEO?

19:40 - The discipline of hiring the right CEO

22:50 - Preserving the confidentiality of candidates

25:30 - What is the board’s role in onboarding the new CEO?

28:30 - Do you onboard an internal hire differently than an external hire?

30:20 - Leaders need to have a vision

31:05 - How do you approach compensation for a new CEO?

35:00 - Search firms and background checks

36:45 - What should you avoid doing when beginning the hiring process of a new CEO?

39:05 - Any last thoughts?

41:34 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

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