- In today’s CEO Daily: Ruth Umoh on how Blackstone selects, supports, and guides CEOs at its portfolio companies.
- The big story: Trump makes baseless accusations about the plane crash.
- The markets: Up.
- Analyst notes from BofA, Saxo, Goldman, and Wedbush.
- Plus: All the news and watercooler chat from Fortune.
Good morning. As one of the world’s largest asset managers, overseeing $1.1 trillion in investments, Blackstone takes CEO appointments at its portfolio companies seriously. So seriously, in fact, that it has built an expansive network of stakeholders to guide each selection—a process I chronicled in Fortune’s February/March 2025 issue.
Unlike many Fortune 500 companies that treat CEO selection as a one-time event, Blackstone’s approach is structured and continuous, extending well beyond the CEO announcement.
“Oftentimes, boards think they have a strong 90-day onboarding plan. That is not acceleration,” says Colin Graham, head of Spencer Stuart’s global industrial practice. New and seasoned CEOs alike can stumble early in a role, and Blackstone aims to prevent that from the outset.
“Don’t declare success when you announce the appointment. Don’t stop once the press release is out,” says Courtney della Cava, senior managing director at Blackstone. “For us, that's day one.”
Blackstone’s approach to board construction ensures a mix of experts and independent directors. It also builds the C-suite holistically, identifying areas where the CEO may need additional support, says Joe Baratta, Blackstone’s global head of private equity.
Newly appointed executives are connected with seasoned leaders within Blackstone’s ecosystem of current and former CEOs, and often paired with mentors. “You have world-class people at your fingertips,” says Doug Steenland, former Northwest Airlines CEO and a senior advisor to Blackstone.
In some cases, Blackstone appoints executive chairs to support first-time CEOs. Nigel Travis, former CEO of Dunkin' Brands, serves as chairman at both Servpro and Tropical Smoothie Cafe. At Tropical Smoothie, he meets weekly with newly appointed CEO Max Wetzel, in addition to Blackstone-led check-ins and board meetings. With more experienced CEOs like Servpro’s Brett Ponton, meetings are less frequent but consistent.
As CEO turnover rises and tenure shortens, Blackstone’s model offers a compelling lesson: Hiring a CEO is not the finish line—it’s the beginning of a deliberate, structured process for long-term success.—Ruth Umoh.
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Contact CEO Daily via Diane Brady, diane.brady@fortune.com, Linkedin
