Not all titleholders encompass the position's traits, but here are 10 things every CEO should take into consideration to avoid being the company's next expiration:
Strategically Select Your Surroundings
Good CEOs surround themselves with great people, either on their board, their top lieutenants or both. However, what prohibits good CEOs from being great is that they always defer to these people rather than trust their own instincts at times. It's easy to become a figure head and not even know it. Realize that Wall Street and investors aren't the same as clients and employees. Everyone in business has an agenda; making money, keeping their job, getting promoted, etc. As CEO, it's easy to forget that you actually are doing one of two things: Helping them do what their agenda is or blocking them from it. To succeed, surround yourself with people you trust and who are smarter than you.
Walk the Walk, Talk the Talk
CEO: You are the CHIEF. You need to act like one. This isn't about your personality or being goofy, which actually can be positives to a leader; rather it's about communication and being decisive. Mason fell short for a variety of reasons, but at the end of the day the company performed well. From the interviews and the "talk," Mason didn't make decisions quickly and he couldn't move past his one idea, "Groupon."
(Read More: 10 Most Stressful Jobs of 2013)
Expect to Evolve
Companies evolve and so must CEOs. Successful leaders embrace change and are willing to adjust once the needs of partners, suppliers, employees and customers do. If CEOs continue to hide in fear of the unknown that's brought on by change, their time with the company is limited.
Plan for the Unplanned
Assign a specific amount of time in each day as a free block should anything be brought to your attention. Whether it's as miniscule as a conversation or as significant as an unexpected client meeting, the opportunity for business advancement can be in any form of communication.
A great CEO needs to break down his time in to three buckets: Clients, Board of Directors and Employees. Communication with all three is crucial in order to grow the company, instill confidence and keep your job.
(Read More: Want More Productive Workers - Give Them Hope)