Although time does tend to heal all wounds, the classic "abrupt exit" is always a gamble for a CEO to take. True, it could help the company dominate the headlines and generate attention in the media. But there's a lot at risk when a chief executive suddenly leaves without much explanation.
We saw this already last year with the exit of visible businessmen like Men's Wearhouse CEO George Zimmer. Now, there's another example to be seen in the way that Lex Fenwick, the head of Dow Jones for almost two years, is leaving his company.
It's not that the move hasn't been acknowledged by the company: there's an official statement, and the head of Dow Jones' parent company, News Corp, has acknowledged that the organization needs to change gears.
But an interesting take on the event is provided by Jennifer Saba of Reuters, who said that the departure of the lavish Fenwick, infamous for extravagances like an on-site chandelier, leaves Dow in a somewhat uncertain position.
According to Saba, the abrupt leadership change at Dow Jones "calls into question the future of its news wires and other products aimed at financial institutions." As is so often the case, there's a temporary replacement already located named William Lewis, who is chief creative officer of News Corp.
At YES Partners, we understand that seemingly sudden CEO transitions can create uncertainty about a company's long-term outlook. That's why we strive to make sure that the executive recruitment process yields a leader who is well-suited for a company's culture and market position.
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