CEO Failure Mode: The Black Swan CEO

The next in a potentially endless series on the pitfalls of the CEO role

When the phrase “black swan” was coined in English, it referred to something presumed not to exist. All swans were thought to be white—until black swans were discovered, giving the phrase a deeper meaning: something so rare it defies planning.

Some CEOs build their hiring strategy around this kind of rarity.

These are Black Swan CEOs: leaders who are on the hunt for individuals with such an unusual mix of experiences, skills, and credentials that it’s unlikely those people exist. And if they do, it’s even more unlikely they’d accept the role.

Black Swan CEOs fall in love with the idea of hiring a unicorn. They picture someone with a spectacular resume, experience at bigger and more successful companies, and deep expertise across multiple functions. They want a track record of success, a willingness to work hard, and the humility to slot into a mid-sized company for modest pay. They want it all.

If you’ve worked with this type of CEO, you know what I’m about to say next: This approach to hiring and recruiting is not only deeply frustrating for everyone involved, but it also doesn’t get you that “perfect” person who changes everything.

How to Guarantee a Hiring Failure

You can spot a Black Swan CEO by their job postings. These are usually a laundry list of qualifications: degrees, titles, technical skills, management experience, industry knowledge. Instead of starting with a clear definition of what success in the role would look like, they start with a fantastical wish list. And they rarely want to pay what an appropriate candidate, if one exists, would ask.

Good candidates—people who could actually do the job well even if they don’t meet every criterion—are scared away by the lengthy qualifications, while the people who overrate their own skills apply in droves. It is a lazy approach to recruiting, and it shows that the company has not spent time thinking about what they really need in a given position or what type of person would be successful in their company.

I often see this play out when CEOs are hiring executives. They want someone with big-name experience. But every top performer I know wants to move up when they change jobs, not sideways or down. The only people typically willing to make a lateral move—or take a step down—are those who don’t have a choice. Occasionally, someone truly talented wants to switch industries or roles and is willing to reset, but the Black Swan CEO wouldn’t hire them either. They don’t fit the mold.

If you put out a Black Swan job posting, don’t be surprised when most of the candidates applying are ugly ducklings.

A Real Example

A small nonprofit once asked me to help them hire their next executive director. Since I didn’t know the organization well, I asked them to send me the job description they were using.

When I read it, I was flabbergasted.