Finding the right leadership is a make-or-break moment for any organization, and the process has become increasingly complex in today’s volatile business climate. Chicago-based Spencer Stuart, a firm with over 75 years of experience in executive search, is adapting to meet growing demand for proactive leadership development and succession planning. The firm’s Iberian Peninsula lead, arturo Llopis, details a rigorous six-step process-from defining role requirements to a six-month “acceleration” phase-designed to ensure a successful CEO fit and long-term performance.
Finding the right executive to lead a company is a complex undertaking, but the challenge intensifies when filling the roles of top-level executives or CEOs. Chicago-based Spencer Stuart, a leadership advisory firm founded in 1956, has become a global leader in executive search, evolving from management consulting and executive recruitment to offering comprehensive succession planning and preparing new leaders for the challenges of their first years in command. The firm is adapting to a growing demand for proactive leadership development.
Leadership Advisory Services now account for around 25% of Spencer Stuart’s revenue in the United States and 20% in Europe. In Spain, these services represent 15% of the firm’s business. Arturo Llopis, one of 11 partners at the firm’s Iberian Peninsula offices in Madrid, Barcelona, and Lisbon, leads these efforts for companies listed on the Ibex 35, family-owned businesses, and private equity firms. “Choosing the top leader of a company is a huge responsibility, and the risk of getting it wrong is very high,” Llopis cautioned in a recent interview. He attributes the increased demand for this type of advisory work to a more competitive business landscape.
The firm’s multinational clients typically have rigorous selection processes, but often seek external validation of candidates and support in making the final decision. For example, Spencer Stuart was engaged by Indra in 2021 to evaluate the appointment of Marc Murtra as chairman, succeeding Fernando Abril-Martorell. For family-owned businesses, Llopis notes that succession planning often begins “one or two years” in advance. Private equity firms, however, require a much faster analysis, focusing on “a snapshot of the team to see who has the potential and who doesn’t to meet established plan objectives.” Llopis declined to comment on specific client engagements to maintain confidentiality.
Llopis brings a unique background to his role. A former professional basketball player – having played for FC Barcelona and narrowly missing selection for the Spanish Olympic team in 1992 – he transitioned to the business world at age 24. Holding a degree in Economics and Computer Science from Harvard University, he began his career in consulting and later led a private equity fund for ten years, investing in several mid-sized industrial and consumer companies. He credits his athletic experience with developing “the ability to make decisions quickly and withstand pressure,” qualities he now applies as a modern “headhunter.”
According to Llopis, a successful executive search requires the headhunter to have held similar leadership positions in their own career. “This is about understanding people, understanding the client, and having the insight to determine if the chosen candidate will be a good fit,” he explained. The process of selecting a CEO, however, is not straightforward. Simply knowing executives or maintaining updated databases isn’t enough. Spencer Stuart follows a six-step, structured process built on confidentiality – with limited interaction between clients and candidates within the firm’s offices.
The first step involves clearly defining the requirements of the role, essentially “putting it in writing” regarding the experiences, leadership competencies, and style that the future CEO should possess, and ensuring alignment with the corporate culture. Llopis often cites Peter F. Drucker’s phrase, “culture eats strategy for breakfast,” to emphasize the powerful influence of an organization’s values and practices, which must be considered when seeking a leader who can either maintain or transform that culture to drive growth.
The second step is analyzing internal candidates and assessing whether they meet the defined criteria. If a viable internal candidate is identified, the third phase begins: a development plan designed to help the candidate fulfill all the specifications.
Mapping the External Market
The fourth phase, external market testing, is initiated six months before the anticipated appointment. This step verifies whether the internal candidate is as strong as external contenders. “It’s about determining if the internal candidate is as good as, or better than, what’s available externally,” Llopis stated. Spencer Stuart employs a method that, according to Llopis, “allows us to measure, over five years, what a person is capable of and how they will develop.” This is achieved through a four-hour “competency-based interview” focused on past experiences. “If you ask about the future, the interviewee can mislead you by inventing a story; but if you ask about things they’ve done, they can provide details of how they would act in a given situation.” “It’s similar to being Sherlock Holmes,” he joked.
With all the information gathered, the next question is: who will be the CEO? This is the fifth phase, where the headhunter advises the client on the final decision. Llopis believes the ideal CEO depends on many factors, but emphasizes the need for someone who can “anticipate problems and read what’s happening around them,” as demonstrated by the responses to recent economic and geopolitical crises. Regarding the rise of artificial intelligence, he stresses that the future company leader must be “open-minded,” maintain “critical thinking,” and view technological advancements as a “business opportunity.”
When determining whether to select an internal or external candidate, Llopis points to statistics suggesting that “in times of crisis, the perfect candidate often comes from outside because the company needs a reaction, while in times of continuity, the candidate usually comes from within.”
Once the CEO is chosen, the sixth and final phase – “CEO acceleration” – begins, adding significant value to the process. This phase, lasting approximately six months, focuses on helping the selected leader prepare for future challenges. “During the first year, they generally do well because they implement easy changes; but in the second year, they almost always encounter difficulties, as they address latent and serious problems that were previously unresolved and relate to culture, strategy, or the team,” Llopis explained. “It’s like a vaccine to prevent illness,” he concluded.
