Stepping down to step up
Why, sometimes, a founder stepping down as CEO is the right move for the company to step up
Maybe it was the return of Steve Jobs, or the absolute control Zuck negotiated over Facebook, but a myth has developed around the notion that a founder should always remain as CEO to optimise for the best outcome of the company they created.
I think that myth is false.
There are indeed certain founders who will grow and evolve, and more importantly, will personally thrive with the challenges of managing a bigger org, more global footprint, less time to tinker with product or engage with customers. For the vast majority of — especially first time founders — that is not the case.
Which is why, given the prevailing narrative, a founder CEO approaching his or her Board and saying “I don’t think I am the right person to lead the next stage of this business and I would like to work with the Board to plan for a seamless succession” takes an amazing level of humbleness, true self-awareness and an impressive (and seldom found) level of security.
That was the conversation that Brandon, the co-founder and CEO of Ampd Energy initiated with me and the rest of the Board early last year. His super powers (and where he gains the most energy from) come from interactions with clients and translating their needs into technical pipeline and products. 11 years after founding the company and leading it as CEO he had a personal desire to help amplify those super powers (while doing what he thought best for the business). He had evolved Ampd from an idea (initially for electric motorcycles!) to a VC-backed globally deployed, sustainable industrial player. He had written the prologue and the first acts of the story. He was now asking for someone to help write the next ones.
Over the past year, I have used the example of Brandon with a number of other CEOs who are evaluating the same voyage — but perhaps not yet had the maturity or realisation that he had.
While the Board considered doing an external CEO search, we soon came to the realisation that the next leader for Ampd was already within our midst:
At the time of our initial investment into Ampd, Brandon and I had a conversation about the senior leaders and skills he needed around him to scale. The need for an operational and strategic CFO became clear and that led to the hiring of Anthony Stewart (and a subsequent blog post from me).
Since joining, Anthony has been much more than a “CFO.” He has been Brandon’s partner-in-crime, chief fundraiser, strategic partnerships manager and while I am not sure, there are rumours he got an Ampd Energy tattoo during a business trip to Southeast Asia. I think Brandon will agree that neither of us could envision Ampd being what it is today without Anthony in the middle of it.
So today it’s LinkedIn-official that Anthony has stepped into the CEO role and Brandon will serve as both Chair and Technical Product Manager (yes, in the org chart Brandon now reports to someone that reports to Anthony… talk about low ego!).
We had our Board meeting yesterday — the first led by Anthony — and Brandon’s engagement was completely different. He was no longer in charge of presenting the results (the good, the bad, the ugly) and while still intimately aware of the details he engaged more strategically, he talked about the roadmap 12–18 months ahead. He seemed to be in the place that made him happiest: seeing his “baby” thrive while focusing at what enthuses him the most.
Anthony, I know that Ampd is in good hands. Thank you for raising your hand to take on this new challenge. Brandon, as I have said to you in private, you have my eternal respect for that conversation many moons ago. It is truly one of the most impressive actions I have ever seen a founder take in 12 years in Venture.
The year(s) ahead for Ampd Energy are extremely exciting as it continues to scale across geographies and use cases. Revenue is now material. Impact on climate and air quality is already impressive. And while today marks a new chapter for Ampd, it feels like the most seamless of transitions from the pages that preceded it…
