CEOs spend their careers mastering performance metrics: revenue, EBITDA, market share, retention, and more. They train for scaling, handling crises, navigating disruption, better leadership abilities, managing public relations, and much more. But there’s one leadership moment few prepare for: stepping down.
Succession arrives for every leader. And the end of a tenure isn’t just an operational shift; it’s an identity shift. The stimulation, challenges, and constant decision-making that defined daily life for years suddenly disappear.
As Clifford Hudson, former CEO of Sonic, told me: “I went from meeting after meeting, 10, 12, 15 topics a day, to suddenly moving into a quiet office where nobody gave me the time of day. It was stunning. It was difficult. And it took a while to build a new reality.”
That sentiment isn’t unique. It’s a hidden challenge of leadership transitions: the gap between running at 100 miles an hour and waking up one day with the dashboard turned off.
The Quiet Leadership Signals Of Change
For many leaders, the first signs that it might be time to move on don’t show up in quarterly results. They often appear more quietly in shifts of energy, patience, and perspective.
Hudson noticed this in his early sixties: “At 63, 64, I noticed a difference in myself. Things that I once approached with patience, now my reaction is, really? I could tell a difference in my willingness to put up with nonsense. That was a problem.”
It’s not always burnout. Sometimes it’s a signal that the season has changed, even if performance remains strong. The danger for CEOs is that these signals are easy to ignore. After decades of running at full capacity, pushing through feels natural. But ignoring them carries risk. Leaders who miss or dismiss these cues often overstay and end up remembered not for their years of impact, but for the decline that followed.
Why Leadership Transitions Rarely Go As Planned
The popular image of succession looks neat: years of planning, a carefully chosen heir, and a seamless handoff. Warren Buffett’s succession planning at Berkshire Hathaway is a rare example. But for most CEOs, the reality is far less orderly.
Market shifts, acquisitions, or board pressures can accelerate the timeline. Some exits arrive abruptly, as with Linda Yaccarino’s recent departure from X. Others unfold gradually, but never according to a perfect script.
Hudson has seen both sides of this: “If there’s a way to do it gradually—for both the company and the individual—that’s nice. But often, that’s not what happens. Sometimes a swift transition is better for the company, even if it’s harder for the CEO.”
The lesson for current leaders is clear: don’t assume you’ll get a long runway. Build adaptability into your mindset. Whether the exit comes suddenly or slowly, your ability to respond with perspective and maturity will shape how you’re remembered.
The Leadership Shock After Stepping Down
The operational shift is one thing. The psychological shift is often bigger. Research shows how deeply the rhythms of the CEO role embed into the individual and how jarring it can be when that rhythm stops.
Hudson described the moment vividly: “For two decades, every day started at 6 a.m. with sales numbers. Then, suddenly, it stopped. The stimulation, the pressure, the people—all gone at once. It was shocking.”
The adrenaline fades, the calendar empties, and the silence sets in. For some, it’s relief, and destabilizing for others. This is where identity matters: not just professionally, but for overall well-being. The question isn’t only, “Who will run the company when I leave?” It’s also, “Who will I be when I’m no longer running it?”
Continuing Leadership Beyond The CEO Seat
Not every CEO gets to design their exit. Some transitions are abrupt, others gradual. But the healthiest ones share a common thread: having something meaningful to move toward, not just something to leave behind.
As Hudson put it: “Having some kind of soft landing, things you’re already moving to, is a good thing. Otherwise, you go from 100 miles an hour to zero. That’s tough.”
That “soft landing” can take many forms: board service, new ventures, philanthropy, or mentoring the next generation. Hudson has found fulfillment in this: “I enjoy working with CEOs 15, 20 years younger than me. It’s fun to see them set ambitious goals and help them achieve them.”
The day you step away doesn’t have to be the day leadership ends. If you’ve built your identity around growth and impact, you’ll find new arenas to exercise both.
The Leadership Questions Every CEO Must Ask Annually
Transitions are easier when they aren’t treated as a surprise. To keep himself and his board accountable, Hudson made it a practice to address two questions every winter:
- “If I were suddenly gone, who should the board turn to?”
- “Who should be considered longer-term, and what development is needed to close the gap?”
By addressing them annually, Hudson forced the conversation about succession and his own tenure, before circumstances decided for him. For today’s CEOs, the lesson is clear: build these questions into your annual leadership review. A legacy isn’t only defined by what you built. It’s also shaped by how well you prepared the organization and yourself for what comes after.