In the Globe again
In re-reading my original post, one thing I would add is that you not only have to build a good team, but you have to maintain it. Team dynamics are organic -- people change and companies change. As companies grow, they often outgrow some or all of their management team's capabilities. So, the CEO and Board have to be vigilent about making sure that the team meets what will be required of the company in the future. And, the CEO has to make sure that the team works well together. The Board has the tricky problem of assessing whether the CEO is the problem in a team that isn't working well. This is tough because much of the Board's information about the company comes through the CEO. That makes it essential for the Board to maintain contact with the entire top management team. If a CEO is wary of this, that's a red flag, too.