First of all, you need to devise a precise plan to hire out your company’s CEO. Your plan should have specification regarding the time available for headhunting, the interview phase and a probationary period, during which the CEO will be acting in his/her full capacity.
Always keep in mind that hiring a CEO is not just like appointing any other top managerial-level personnel but it is far greater task than that. You need to begin your hunt for a right CEO well before time so that you don’t end up becoming extremely desperate for hiring any person for this post as time runs out.
Search for the required person within your immediate circle of colleagues and associates first. You can even look out for a person with experience of this post in any other industry, as CEO doesn’t need to be industry-specified. You just need an able and trustworthy person for this designation and he/she might come from another industrial segment.
Once you find an appropriate person, you should hire him as a COO (Chief Operating Officer) for a probationary period. Keep monitoring his performance in management affairs and in day-to-day operations of the company. Hiring a new person for COO will minimize the risk of mismanagement of CEO’s powers and will also give appropriate time to the board of directors to evaluate the his/her capabilities.
CEO’s remuneration is also a key factor in the entire hiring process. You have to make a decent offer to him/her, as this will provide motivation for the CEO to perform to his/her best abilities. However, you also have to negotiate within the boundaries and budget of your company.