According to a recent study by Strategy & (formerly Booz & Company), 76% of the newly appointed CEOs at some of the world’s largest organizations in 2013 were promoted from within. Whether the result of planned succession, merger, acquisition, or unexpected termination, these companies placed their (very big) bets on incumbent talent.

What are the odds of success? Up to 40% of CEOs are fired in the first 18 months on the job (Peter Baron Stark, Center for Creative Leadership) and the average tenure of CEOs has steadily declined from 10 years in 2000 to less than 4 years today. CEOs face economic and political pressures, competitive threats, and difficult decisions on a daily basis. Some survive, some even thrive. What’s the secret to their success?

CEOs who withstand the pressure-cooker environment of the board room know one thing for certain – what got them there won’t keep them there. The skills and experience that led to their promotion are insufficient at best to keep them in the top chair. An entirely new set of skills is needed when taking on the CEO role, including:

– Paying attention to and taking a position on external issues and impacting the organization

– Setting direction and driving execution – while the CEO need not be a visionary savant, the ability to get things done is critical

– Delivering sustainable results, both top and bottom line

– Managing organizational culture – setting the tone and giving voice to the organization’s values

– Leading upwards and outside the organization – managing relationships with board members, key constituents, and covenant clients

– Building the team that can lead within the organization – hiring, developing, and retaining an executive team that is skilled, aligned, and resilient

Developing these skills – while managing the day-to-day responsibilities of leadership – can be difficult, particularly when facing such a daunting task in isolation. If you find yourself at the top and want to stay there, consider enlisting the support of a coach, mentor, or trusted advisor. At The Bailey Group, we partner with CEOs in the midst of uncertainty, guiding them to focus, clarity and confidence.