In a turnaround, a leader's most critical first step is restructuring their direct reports. McLaren's CEO replaced every key leader—CFO, HR, commercial, etc.—to create a unified group that could then drive cultural change down through their own departments.

Reflecting on Walmart's multi-year transformation, CEO Doug McMillan identifies the most common leadership pitfall: delaying actions you instinctively know are right. He advises leaders to trust their gut and move quickly, as organizations are often more capable of handling rapid change than perceived.

When an executive leaves, the CEO should step in to run their department directly. This provides invaluable operational context for hiring a replacement and empowers the CEO to make necessary but difficult changes (org structure, personnel) that a new hire would hesitate to implement.

During Ørsted's crisis, the new CEO focused on four key areas: establishing a new strategic direction, forming a new team, ensuring the biggest capital allocation decisions were correct, and resetting communication both internally and externally to rebuild trust.

The ultimate goal for a CEO is to become replaceable by surrounding themselves with A-players who are better than them in their respective roles. A successful CEO's job isn't operations; it's to analyze data, set the vision, and remove roadblocks for their superior team.

While founders focus on product or market pivots, the most regrettable decisions are often delayed personnel changes. Waiting and hoping an underperforming team member will improve is a mistake; the moment a founder knows a change is needed, they should act.

Pendo's CPO argues that the first 90 days are a critical window for a new leader. You were hired to change things, so you must assess and act quickly on team or strategy adjustments. Delaying beyond this window leads to paralysis, as "no decision is also a decision."

To fix a failing company's broken defaults, changes must be abrupt and aggressive. Gradual 'change management' fails because it doesn't create the necessary shock to the system or repel misaligned employees who are part of the problem.

A common leadership failure is being too slow to get the right senior team in place. New CEOs should prioritize this, aiming to have their ideal team established by their one-year anniversary. Time passes quickly, and delaying these crucial personnel decisions is a major regret for many leaders.