Personality traits of nonfamily CEOs in family firms: an exploratory study

Abstract

By necessity, many family firms reach out to nonfamily CEOs. However, given their importance for the survival of many family firms, little academic work has focused on the personality aspects surrounding these CEOs. This article explores the personality of the nonfamily CEO, and empirically examines whether our findings confirm the prescriptions of the literature. Using the Occupational Personality Questionnaire to capture their personality, we compare the profile of nonfamily CEOs with the profile of other managers working in privately held family firms. Our study provides empirical support, but also contradicts some of the taken for granted expectations in the literature about nonfamily CEOs. We find that nonfamily CEOs have a very specific personality that is in need of much more investigation. We find that nonfamily CEOs are trusting stewards with a long-term orientation, and demonstrate a paradoxical mix of both ego and humbleness. Several directions for future research are indicated.