Paths to the C-Suite

A common goal of our proteges is to reach (and thrive in) the C-Suite. And, a number of our professional mentors have experience of C-Suite roles, including as CEOs, CFOs, CROs and more – they’re available for one-on-one discussions with our proteges, who can book sessions with them to explore their personal circumstances, ambitions and strengths, usually at rates of between £100 and £200 per hour session. 

One of our proteges told us about an interactive executive education programme from a prestigious US university which costs over $4000 per participant for a roughly 10-hour group programme excluding breaks and the final certificate awarding ceremony. Steep, but clearly valuable to some as the programme has run multiple times. However, as many others can’t invest such sums in their careers yet, this post discusses alternatives, including a book by executive advisor and coach Cassandra Frangos (usually selling for $10-$20) and some of our free Routes to the Top articles. 

One of the big challenges is that there is a variety of possible paths to the C-Suite, and the right path for any one person depends on a range of factors. Their mix of experience, including operational and strategic. Their appetite to take risk (including moving organisations and/or locations for different opportunities, or starting their own ventures). The networks they’ve developed, and followership they have. Timing. Capitalising on opportunities that arise suddenly. And more… Which is why at Protagion we strongly encourage proteges with this goal to gather input from a range of sources, including professional mentors and coaches with their interests at heart. Knowing themselves well is crucial too, especially knowing why they personally want to be in the C-Suite (given the significant – and sustained – effort it takes). 

Read more to explore common reasons professionals aim for the C-Suite, possible pathways to get there, and some general tips to help you boost your chances. We also link to some of our past ‘Routes to the Top’ articles covering different industries or disciplines, plus an excerpt from our ‘Managing a Business’ panel discussion during our Professional Development Conference. Please do enjoy reading further, and reach out if we can help on your journey. 

Why aim for the C-Suite?
Some of the common reasons that professionals aim for the C-Suite include the opportunity to have a largerimpact on society and the world, to shape events, and to drive a company in a different direction, plus the power and prestige associated with being at the top table. Take a moment to think about what your motivations are.

Possible Pathways
Cassandra Frangos, who spent her career helping large companies assess and select C-Suite executives in the US, has long been interested in the intersection of psychology and business. She wrote about her experiences in her book Crack the C-Suite Code: How Successful Leaders Make It to the Top*. It contains interviews with dozens of CEOs and other C-Suite executives from a range of companies and industries, plus “hundreds of executives likely to be C-Suite candidates in future”. Her book describes four main pathways she’s distilled from her experience and these interviews: (i) the tenured executive, (ii) the free agent, (iii) the leapfrog leader, and (iv) the founder, as she labels them. 

Apart from those four, there are other non-traditional or hybrid paths in practice too, such as moving from a consulting role to a C-Suite role in industry, or acting in an interim capacity as a contractor, or opportunities arising from a merger or acquisition. 

As you read the more detailed descriptions below, consider which route could offer you the best chance of reaching the top. Which path(s) align with your experience, leadership brand, capabilities and mindset? Which risks would you be comfortable with? 

1) The Tenured Executive
As implied by the name, these executives have been at their organisations a long time, steadily gaining experience and institutional knowledge, and stepping up over time to broader and more demanding roles. Cassandra explains that internal promotion is the most predictable and most common path to the top team in large organisations – although bear in mind how few roles exist. Most (if not all) of the careers of these C-Suite executives have been built in that company, requiring patience and persistence. Years of promotions, sponsorship and experience are necessary, as is the ability to adapt / reinvent yourself as the needs of the business change over time.

2) The Free Agent
This path includes outside appointments who are recruited directly into the C-Suite, as well as people hired as successors / 2ICs who are later promoted into a C-Suite role. Organisations tend to rely on external recruitment when they want someone to lead change, or where they’re facing pressure from activist investors i.e. existing executives don’t have the skills and experience required to support the organisation with what is immediately necessary. 

If you’re open to this approach, self-reflection can help you determine when might be right for you to make a move. Also, build high-demand skills, a track record of success (including in turnaround situations and/or environments requiring substantial change) and cross-industry relationships. To be successful once you’ve moved, you’ll need to learn the new culture, dynamics and environment quickly, and build internal relationships rapidly. 

3) The Leapfrog Leader
This type of appointment covers the situation where an individual is promoted to the C-Suite from two or more layers down in the organisation, effectively jumping over more expected successors i.e. the decision-makers bet on the individual’s potential. Demonstrating comfort with change and reinvention can help, as can a strong ability to understand shifts in the environment and to capitalise on emerging business models. Cassandra argues that this pathway has become more common, especially with the accelerating rate of change in business. While very hard to plan for, manage your experience, reputation and network to prepare yourself for possible opportunities. Relationship building is crucial, especially great relationships with the board, employees and key customers, as you’ll need their support to be selected and ultimately effective.

4) The Founder
Founders actively create their own C-Suite opportunities by starting the business they lead, and thus have more control over the timing. However, this entrepreneurial pathway often requires financial sacrifice as it means leaving a high-paying job, and it can take longer than anticipated for your new business to become financially viable. A wide spread of skills is needed to be successful as a founder, including sales and communications skills. Resilience and a tolerance for ambiguity also help, and a strong personal network is immensely valuable as you won’t be supported by the institutional infrastructure previously available to you in your large corporate positions. ​

​Some general tips based on Cassandra’s work: 

• Voice your desire to be in the C-Suite so that your organisation knows your ambitions, and (hopefully) will consider you, and support you to gather necessary experiences 
• Be deliberate about cultivating sponsors who will help you get the right exposure 
• Create strong relationships with people above you, your peers, and your team – it’s not sufficient to have a great relationship with your boss 
• As you become more senior, you’ll need to think of both your function / area of responsibility and the enterprise as a whole – this is a key element of the transition from a manager of a function to a manager of a business or member of the C-Suite; also make an ongoing difference in whatever role you’re in i.e. don’t neglect your current responsibilities by gazing too hard at the levels you aspire to 
• Be willing to reinvent yourself as well as the company i.e. honour the legacy that got you to where you are while adapting in order to move forward, recognising that this involves risk 
• Develop your emotional intelligence, and understanding of people and psychology, to help you lead others to give their best 
• Take care of yourself, building your resilience and endurance, so that you can thrive in the high-pressure and challenging C-Suite job

Routes to the Top in different industries
Over recent years, we’ve shared a range of articles with guidance for others who wish to reach the C-Suite in different industries, sometimes showcasing several journeys and personal recommendations of professionals who’ve made it, and sometimes with more general advice and thoughts on trends in that area. Some of these articles are: 

• Routes to the Top: Investment Management e.g. Chief Investment Officer 
• Routes to the Top: Consulting e.g. Partner/Principal 
• Routes to the Top: Actuarial 
• Routes to the Top: Life & Health Insurance 
• Routes to the Top: Insurtech 
• Routes to the Top: Operations e.g. COO 
• Routes to the Top: Data Science & Analytics e.g. CDO, CAO or CDAO

​Another related resource for you is the recording of our ‘Managing a Business’ panel discussion held during Protagion’s Professional Development Conference in March 2021. Our professional mentors David and Marius, and guest Niven, spoke as part of that virtual panel, and answered questions from the audience. Simplistically speaking, David is an example of a ‘tenured executive’, having worked his way up to lead a reinsurance business, Marius has been CEO of different organisations (so would be a ‘free agent’), and Niven is an entrepreneur/‘founder’. Watch an excerpt of the panel here. The full recording of the hour-long panel is available to Protagion subscribers.

​The expanding C-Suite
To end off, some brief thoughts on C-Suite trends – please do add your own observations in the comments. One of the biggest is the growth in new C-Suite roles such as Chief Digital Officer, Chief Data & Analytics Officer, Chief People Officer and Chief Marketing Officer. Many of these weren’t part of the C-Suite a decade ago, and as organisational structures have flattened, CEOs have opted for more direct reports, in line with the shift towards collaboration and innovation rather than command and control. Virtual teams and dotted-line reporting structures are also more common. The consequence is that the Chief Operating Officer (COO) role, which many of these functions may previously have reported into, is less necessary, especially in less complex organisations. 

The need for all leaders to be familiar with (and have a focus on) digital and technology has also grown, with opportunities for those with strong skills to leapfrog into the C-Suite. 

All the best on your own journey to the C-Suite, and please do reach out if you’d value our support.

* PROTAGION is a participant in the Amazon EU Associates Programme, an affiliate advertising programme designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.co.uk. The links with * participate in this programme. ​