Stepping up: Becoming a high-potential CEO candidate - McKinsey | The mindsets and practices of excellent CEOs - McKinsey | The State of Fashion 2024: Finding pockets of growth as uncertainty reigns - McKinsey | What matters most? Eight CEO priorities for 2024

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Stepping up: Becoming a high-potential CEO candidate - McKinsey & Company (Full Access)

It is not the mountain that we conquer, but ourselves.

The world’s highest peak is Mount Everest, majestically rising almost 30,000 feet above sea level. Many mountaineers spend years gaining the experience, skills, physical fitness, and mental toughness needed to make the trek, yet few make it to the top. Since Edmund Hillary and Tenzing Norgay first reached the mountain’s summit in 1953, only about 5,000 people have followed.

The challenges of the climb compound the closer one gets to the top. The trail from the final camp to the summit is dubbed “the death zone,” where thin air and brutal weather combine to create confusion and hallucinations, as well as a host of health-related challenges. For the select few who make it through, however, a magic moment awaits where there are no more upward steps to take. They find themselves, literally, on top of the world.

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The mindsets and practices of excellent CEOs - McKinsey & Company (Full Access)

A company has only one peerless role: chief executive officer. It’s the most powerful and sought-after title in business, more exciting, rewarding, and influential than any other. What the CEO controls—the company’s biggest moves—accounts for 45 percent of a company’s performance.1Chris Bradley, Martin Hirt, and Sven Smit, Strategy Beyond the Hockey Stick: People, Probabilities, and Big Moves to Beat the Odds, Hoboken, NJ: John Wiley & Sons, 2018. Despite the luster of the role, serving as a CEO can be all-consuming, lonely, and stressful. Just three in five newly appointed CEOs live up to performance expectations in their first 18 months on the job.2Eben Harrell, “Succession planning: What the research says,” Harvard Business Review, December 2016, pp. 70–74, hbr.org. The high standards and broad expectations of directors, shareholders, customers, and employees create an environment of relentless scrutiny in which one move can dramatically make or derail an accomplished career.

For all the scrutiny of the CEO’s role, though, little is solidly understood about what CEOs really do to excel. McKinsey’s longtime leader, Marvin Bower, considered the CEO’s job so specialized that he felt executives could prepare for the post only by holding it. Many of the CEOs we’ve worked with have expressed similar views. In their experience, even asking other CEOs how to approach the job doesn’t help, because suggestions vary greatly once they go beyond high-level advice such as “set the strategy,” “shape the culture,” and “get the right team.” Perhaps that’s not surprising—industry contexts differ, as do leadership preferences—but it illustrates that fellow CEOs don’t necessarily make reliable guides.

To show which mindsets and practices are proven to make CEOs most effective, we studied performance data on thousands of CEOs and revisited our firsthand experience helping CEOs enhance their leadership approaches.

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The State of Fashion 2024: Finding pockets of growth as uncertainty reigns - McKinsey & Company (Full Access)

Storm clouds are gathering, but the experience of recent years shows how the fashion industry may ride out the challenges ahead. In 2022, the industry again showed its resilience, almost equaling the record economic profit of 2021, the McKinsey Global Fashion Index shows. Echoing the pattern of the previous year, the luxury sector outperformed, with a 36 percent rise in economic profit that offset weakness in other segments. Yet even the non-luxury sector was ahead of its long-term average. Strong margin performance meant the industry in 2022 achieved more than double the economic profit than in all years between 2011 and 2020, except for one.

In 2023, the industry faced challenges that were both persistent and deepening. On a regional basis, Europe and the United States saw slow growth throughout the year, while China’s initially strong performance faded in the second half. Though the luxury segment initially fared well, it too began to feel the effects of weaker demand in the latter part of the year, leading to slowing sales and uneven performance.

This article is a collaborative effort by Imran Amed, representing views of Business of Fashion, and Anita Balchandani, David Barrelet, Achim Berg, Gemma D’Auria, Felix Rölkens, and Ewa Starzynska, representing views from McKinsey’s Retail Practice.

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What matters most? Eight CEO priorities for 2024 - McKinsey & Company (Full Access)

What matters most? It’s a question we’ve been investigating for a few years now (here are reports from 2022 and 2021). This year, we’re reminded that what matters most are family, friends, values, principles, and commitments.

One of our commitments is to CEOs. It’s a tough job and getting tougher all the time. Just in the past few years, they’ve had to cope with a global pandemic, busted supply chains, war, stubborn inflation, and many other disruptions. Any one of these is enough to derail a CEO’s agenda. Taken together, it’s the most difficult operating environment we can remember.

Both of us talk to hundreds of CEOs every year, and many of our colleagues do the same. We admire how CEOs are leading their companies for the benefit of all stakeholders. We’ve consolidated the views that have come out of these conversations and are pleased to offer what we’ve heard about how companies can do better for society, communities, and employees—and the prosaic business of how they can pay for it all, and reward investors too.

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