New CEOs Face Steep Learning Curve in Transition from COO Role

Scott Boatwright, who had long aspired to be a CEO, particularly of a Fortune 500 company, finally achieved his goal in late 2024 when he was appointed to the top position at Chipotle following Brian Niccol's departure to lead Starbucks. However, Boatwright's experience highlights the significant transformation required when moving from the role of COO to CEO. As he shared at a recent summit, the CEO's responsibilities today encompass running a successful business, managing investor expectations, and building a lasting organizational legacy. Boatwright and Niccol had a complementary partnership, with Boatwright focusing on operations and Niccol on communicating the company’s growth story to investors. The transition to CEO, however, involved a shift from direct operational control to managing outcomes through others, all while maintaining investor confidence and a long-term vision. “It’s just a completely different job,” he noted.

Other newly appointed CEOs echoed similar sentiments about the steep learning curve. Howard Hochhauser, who took over as CEO of Ancestry.com earlier this year, found the role more demanding than he had anticipated. Despite previously serving as interim CEO, the full-time responsibilities caught him off guard. “Everybody wants a successful exit,” he said. “To do that, you have to grow the company. And now I’m spending 110% of my time on growth.”

Steve Bandrowczak, who became CEO of Xerox in 2023 following the sudden passing of John Visentin, also shared his experiences. Having spent five years as COO and attending numerous board meetings, Bandrowczak found that the stakes were significantly higher as CEO. “COOs drive change. COOs make cultural shifts, drive outputs,” he said. “The difference as a CEO is you’re now the leader, the face of the company. So you’ve got to be able to drive the culture with shareholders, with employees, with partners, but more importantly, understanding things that you did not know, and the admission of the things that you did not know.”

Bandrowczak advised aspiring CEOs to take governance and leadership courses to prepare for the transition. As a teacher of rising executives, he consistently offered the advice: “Get comfortable being uncomfortable.”