Patience meets strategy: Making the leap from COO to CEO

At our latest COO Network event, we explored the progression from COO to CEO – moving from leading the engine of the business to shaping the vision, managing commercial success and influencing the Board. We were joined by Mike Darcey, Board Director at Sky New Zealand and former COO at Sky (UK) and CEO of News International, who shared candid lessons from his own transition and practical advice for COOs ready to step up. In this article, we outline his five key recommendations.

Build a strong personal brand 

A leader must build a brand – a unique identity and reputation that’s rooted in their core values. An individual’s brand is their strategic asset: it travels with them, amplifies their credibility, and signals their readiness for bigger roles like CEO. 

A company’s choice of CEO will depend on its strategic objectives and the challenges it’s navigating. This means it’s worth tailoring a personal brand to suit the skillset that an organisation is seeking. 

Sharpen communication skills to build influence 

Whether upward or downward, communication is the CEO’s primary role. Successful CEOs create and lead with a clear vision and purpose that employees can rally behind. However, a CEO must also earn the support of the Board and owners, or risk facing a short tenure. 

Mike emphasised that aspiring CEOs must be ready to commit a significant amount of time to communication – far more than they may expect. Repetition is essential: leaders need to deliver the same message again and again, long after they feel they’ve said it enough. This consistency is what truly embeds a vision across the organisation. 

Strong CEOs are great storytellers. While facts inform, stories move people – inspiring action, creating emotional connection, and making complex strategies relatable. Aspiring CEOs should hone their ability to articulate a vision through compelling narratives, to help build trust, alignment, and momentum across the organisation – including with the Board and owners. 

Understand business levers and demonstrate financial acumen 

A CEO must understand every part of the business and its value creation. Success in this role requires a strategic thinker with a strong grip on the organisation’s financial performance and business opportunities. Enterprise value creation must remain at the forefront of their mind.  

The best preparation for becoming a CEO is accumulating knowledge and diverse experiences to help develop a broad understanding of the business – especially the less-familiar areas. 

Develop the courage to delegate 

Some people gravitate towards a “player-manager” approach – leading a team while still aiming to deliver similar results to those under their charge. However, this doesn’t work at the CEO level. It’s a large role with a lot of responsibility, so it requires people to be comfortable giving away their own areas of expertise and relying on the team around them. 

For aspiring CEOs, the COO position is the perfect playground to trial ideas, build knowledge and develop resilience to help manage the relentless pace and pressure of the CEO role.

Collaborate with the executive team 

Great companies aren’t just built on strategy – they’re built on great leaders. The leap from good to great happens when every leader is deep in expertise and broad in collaboration.  

There’s immense value in newly appointed CEOs assessing their executive teams early. This team isn’t just support – it’s a lifeline. The strength of an individual’s leadership is amplified or limited by the team around them.  

While waiting for the opportunity to step into the CEO role, COOs can benefit from finding and developing a suitable successor – someone ready to take the reins when they transition to CEO. The COO is a key member of the executive team, so good preparation for the role can help both the new CEO and COO to hit the ground running. 

Wait with purpose, push with intent 

In conclusion, the move from COO to CEO requires careful timing. Those who spend their waiting time wisely will make the strongest candidates when the opportunities arise. 

When Mike made his own jump from COO to CEO, News International was looking for a leader with the depth of experience to not only manage the company’s public legal challenges but also propel the organisation forward into the digital age. Mike was chosen because the strong results he delivered as COO at Sky demonstrated that he had the capabilities needed to take on the CEO role. During that time, he built a strong brand and credibility, positioning him to step up when the opportunity arose. 
 
His advice is to wait with purpose, build credibility, and – when opportunity knocks – be ready to leap.