Dangers That Lurk For Retiring CEOs

by Maria C. Sheehan, Ed.D.

 

As retiring CEOs, we’re used to managing, leading, controlling, and generally being in charge of all aspects of our organizations. Our lives revolve around envisioning strategies, delivering public speeches, attending countless events, and preparing for board meetings. Our schedules are tightly regulated; we have gatekeepers that filter out the non-essentials of our days. We have staffs to help craft and beautifully embellish our visual presentations and press releases and often ghostwrite our remarks as time demands require. Our skill level to manage all of this on our own varies. I know of a highly successful CEO who’s still working without a computer on his desk. Aside from his extremely hectic schedule, all of his emails are managed by others to keep his company on top.

 

Obstacle #1: Technology

It is unlikely that CEOs can absorb all of the technical skills from their assistants. The result is diminution of technical ability over time. When we can tell others what we need and get a rapid response it tends to be a more efficient use of time than trying to learn to do it ourselves. So what happens when all of that support goes away?

There are options: we can simply determine that mastering technology isn’t essential or we can jump in and learn how to manage the complex systems that others have managed for us, or we can hire someone to assist.

 

Obstacle #2: Fast Pace or No Pace

Fast pace to fast pace, or fast pace to no pace? Which would you choose? Both have pitfalls. The pace of most CEOs is 24/7. We live our jobs, and even on vacation there tends to be no absolute downtime. So going from 24/7 to nothing can clearly have a dramatic or negative impact. There are only so many family visits and play dates one can engage in before what is left is a sense of emptiness, and some say depression often follows.

I chose the other option: full pace to full pace. I remained on the multiple boards I served prior to retirement and looked into helping other community efforts in need of assistance–such as homeless youth and abused women, I traveled to Central America to hover over an amazing effort of two Americans to rescue disabled orphans from a life of abandonment and abuse.Although busy with such endeavors, I haven’t neglected items on my bucket list such as improving my tennis game, visiting friends and relatives, and getting into top physical condition. The list was so exhausting that it immobilized me at times.

The dilemma is managing time without the help of the filters provided by the gatekeepers and the support systems that had previously existed. Neither path in Obstacle #2 is preferable. I would recommend a more measured approach; one that would involve a single project for which there is passion

and a selective Board membership, so as to allow more time for leisurely reading and selectively choosing items on the bucket list. My son once said, “Mom, when are you going to take a break and slow down?” My answer is we don’t know how much time we have on this planet. On the other hand, if there isn’t a prognosis of impending death, we most likely have enough time to achieve what’s in our hearts. All CEOs have the need to achieve, or we would never have been at the top of our organizations for extended periods of time. My problem, which isn’t uncommon, is that I didn’t know how to slow down and I was afraid of doing so. I made it my purpose to be consumed with activity. Go slow after spending all those years climbing to the top? The full stop is even worse as explained in the remaining obstacles.

 

Obstacle #3: The Identity Crisis

If a CEO goes from substantial prominence to near obscurity, he or she may face an identity crisis. For 20 years, I headed large academic enterprises in two different states. Many always referred to me as Dr. Sheehan out of respect for the position. It’s an earned academic title of the terminal degree and of course most desirable if you’re in a higher education administration. After 20 years of being called Dr. Sheehan, even though it was unnecessary, it became my identity.

When you are at the head of a large organization, your identity is clearly defined. You gain both advocates and adversaries based upon that identity. You are invited to consult and advise, or just be present because of your position. You are introduced at large events because of your position and your photo is sought. You are recognized for your accomplishments and criticized by those who dislike your decisions, and spotlighted by the press at events. In a way, I love the anonymity that’s come with retirement and in the past, I’ve worn that obscurity well. However, after 20 years as a CEO, it’s still been a major transition.

Most retired CEOs have more juice left–the question is for what?

 

Obstacle #4: The Organization

In retirement, the lack of structure that CEO’s have been accustomed to at work can lead to a sense of purposelessness. Having all of the time in the world to do as you please, compared to barely any while in a leadership role, is a major adjustment. So, what happens? It’s now easy to postpone almost anything because, what’s the rush? But postponement leads to a lack of accomplishments. When that structure is gone it can feel like falling off a cliff. Everything in our lives has revolved around structuring our time and carefully planning to maximize our achievements. Most CEOs have driven personalities that depend upon maximizing every hour of the day. With all of the structure gone and pressure off with nothing to replace with, a sense of loss and lack of direction is inevitable. What drives retired CEOs into Obstacle #2 is the fear of the lack of structured time that leads to more achievement.

It’s critical and necessary to determine the right balance of time prior to retiring. A high performing, stressed to the max CEO needs to have a plan.

What role will social media play?

It’s certainly possible to spend hours, if not days, surfing the web, checking tweets, posting on Facebook, and FaceTiming with friends. But there’s little sense of purpose or accomplishment in

spending time that way. It fills the day but adds to the problem. How relevant are you if that’s all you do every day?

 

Obstacle #5: Delaying Health Assessments

I had my executive assistant schedule my doctor’s appointments or they would never have occurred. They had to fit within my heavily scheduled day. I didn’t take the normal time off to attend regular appointments, let alone more intrusive assessments until my last working year.

Over the years, I saw colleagues severely neglect their health. In my last CEO position, I saw two presidents nearly die at their desks. I often wonder if an executive physical had been offered or required whether each of them would’ve had a better chance of survival.

Not taking the time to care for one’s health during a career is an occupational hazard, but it’s never too late. An obstacle to overcome is neglecting health that may become habitual. The time to reverse the trend is prior to retirement. All tests and doctor visits should be completed. A schedule of exercise and a healthy diet plan should be in place as well. If healthy food plans and exercise are not a part of pre-retirement, dangers lurk. It isn’t easy to change a lifetime of habits; most retiring CEOs have the resources to do something about that. The answer is a few phone calls away–trainers skilled at working with aging bodies, and health coaches specializing in making healthy habits last should be part of the exit plan.

 

Obstacle #6: Not Having a Passion or a Cause

Causes and Passions help us to become a better version of ourselves. Every successful CEO has been able to instill passion into the organizations they have led. Knowing what lurks as the retirement celebrations begin allows the retiring CEO the ability to make clear choices for the best years ahead. The need for this better version of ourselves by making things better for others doesn’t go away. Without it, we will fail at retirement.

Retirement for Boomers is really the transition to the next step. It can, and should, be a time of reinvention or redirection. It can be wonderful if we watch out for the obstacles that lurk, which can be barriers on the path to true fulfillment.