Stepping up: Becoming a high-potential CEO candidate

March 26, 2023

Stepping up: Becoming a high-potential CEO candidate road to becoming CEO is a difficult ascent for even the most seasoned leaders.

Executive Overview

McKinsey frames the journey to becoming CEO as a difficult “final ascent,” comparing it to climbing Mount Everest. The article’s central message is that becoming a strong CEO candidate is not just about ambition, résumé strength, or proximity to the role. It requires deep self-awareness, enterprise-level perspective, bold delivery, humility, and disciplined preparation for the board-led selection process.

The authors identify four keys for senior executives who aspire to the CEO role: examine your motivations, elevate your perspective while delivering results, round out your profile with humility, and understand the CEO selection process.

Major Takeaways for Business Leaders

1. Start with a serious motivation check

McKinsey argues that aspiring CEOs must distinguish between ego-driven ambition and service-driven leadership. Wanting the title, power, money, or recognition is not a sustainable reason to pursue the role. A stronger motivation is a clear vision for the impact the company can achieve and a willingness to serve the institution and its stakeholders.

2. The CEO role is bigger, lonelier, and more demanding than many candidates expect

The article emphasizes that the CEO role is not simply the next promotion. It brings heavier accountability, constant visibility, stakeholder pressure, and personal trade-offs, including effects on family life. McKinsey notes that successful candidates should understand these realities before pursuing the final step.

3. Deliver today while broadening your enterprise perspective

Aspiring CEOs must continue to excel in their current role while also developing a broader view of the company, the industry, and external stakeholders. McKinsey uses the “dance floor and balcony” metaphor: leaders need to perform in the day-to-day business while also stepping back to see the larger strategic picture.

4. Boards look for boldness, not just safe execution

The article warns against risk aversion. CEO candidates cannot simply defend their record and avoid mistakes; they need to show courage, strategic imagination, and the ability to make bold moves for the company’s future.

5. Humility is a competitive advantage

McKinsey stresses that CEO candidates must honestly assess their capabilities against what the company needs next. That means understanding gaps in experience, expertise, leadership skill, relationships, and reputation—and then actively addressing those gaps through coaching, feedback, learning, and stretch experiences.

6. The selection process requires disciplined preparation

The board, not the sitting CEO, ultimately chooses the next CEO. McKinsey explains that formal selection often includes search firms, stakeholder input, interviews, 360-degree diligence, psychometric assessments, and final board evaluation. Candidates should prepare their vision, story, evidence, and personal presence with the same rigor they would bring to a major strategic decision.

Talking Points for Executive Teams

CEO readiness is not only about performance history. It is about fit for the company’s next chapter.

The best CEO candidates combine ambition with service. They want the role because of what they believe the organization can become, not because the title validates them.

A strong candidate must demonstrate both operational excellence and enterprise perspective.

Boards want leaders who can see around corners, engage stakeholders, and make courageous decisions under uncertainty.

Humility matters because the CEO role exposes gaps quickly. Candidates who can learn, seek feedback, and surround themselves with strong people are better positioned to succeed.

Succession should not be treated as a political contest. McKinsey’s guidance favors authenticity, preparation, enterprise contribution, and “quiet ambition pursued with humility.”

Reflection Questions for Leaders

Why do I want the CEO role: status, achievement, obligation, or service?
What does the company most need from its next CEO, and am I honestly the right fit for that mandate?
Am I still delivering exceptional results in my current role while expanding my enterprise-wide perspective?
Where am I too risk-averse, and what bold move would demonstrate future-oriented leadership?
What would my peers, direct reports, board members, and external stakeholders say about my leadership, reputation, and readiness?
What are the most important gaps in my experience, relationships, or leadership style?
Am I preparing for the CEO selection process with enough discipline, authenticity, and clarity?

Potential Action Items

Conduct a personal “CEO motivation audit” to clarify whether your ambition is grounded in service, institutional impact, and readiness for accountability.

Build a CEO-readiness profile across four dimensions: experience and track record, knowledge and expertise, leadership skills, and relationships and reputation.

Seek structured 360-degree feedback through a trusted adviser, executive coach, or external facilitator.

Develop a clear point of view on the company’s future: where the industry is going, how value will be created, and what the company must become.

Look for enterprise-level opportunities such as cross-functional initiatives, board exposure, external stakeholder engagement, or transformation leadership.

Prepare a concise CEO candidate narrative that connects your experience, leadership model, vision, and fit for the company’s next chapter.

Avoid campaigning for the role. Focus instead on delivering results, supporting colleagues, acting with integrity, and demonstrating company-first leadership.

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