In a striking rebound, the IPO landscape in the Americas has surged this year by over 20% compared to the same timeframe in 2023, with the proceeds from these offerings more than doubling due to the larger size of the deals[1]. This resurgence is led by the healthcare and technology sectors, particularly biotechnology, which alone launched nine deals raising a collective US$1.5 billion. Artificial intelligence (AI) continues to capture the market’s imagination, but investors are increasingly demanding tangible proof of its potential impact. Despite the looming challenges of global geopolitical tensions and the upcoming U.S. presidential election, the robust start to the market and growing investor confidence suggests a promising horizon for public listings, extending beyond large-cap entities to a broader spectrum of companies into 2024-2025.
Drawing on three decades of experience advising boards and CEOs through complex leadership challenges, we have observed the speed bumps investor-led boards face when transitioning to become more independent. A critical juncture often arrives when financial sponsors perceive a viable route to an IPO. The significance of a board’s capabilities and composition in maximizing a public listing cannot be overstated, yet one of the greatest barriers is often the reluctance of directors to relinquish their positions when it becomes clear that change is necessary. While some boards hesitantly skirt around these issues, the most successful ones embrace a proven pathway to prepare their governance structures for the public markets.
To navigate this transition and effectively prepare for a future IPO, chief executive officers and boards should consider three governance best practices:
1. Board Architecture
The axiom in real estate that “the taller the building, the stronger the foundation needs to be” equally applies to board structure. Recent shifts in corporate governance have redefined board construction to better weather potential challenges. In advance of any public listing, it is essential for boards to address these fundamental governance tenets.
2. Board Leadership
Determining the leadership structure of the board is perhaps the most critical decision post-architecture finalization, influencing the board’s capabilities, effectiveness, and culture:
3. Board Recruiting
The current environment for board recruitment is fiercely competitive, with a pressing need for directors who bring diversity of thought, background, and expertise. When adding additional independent directors to the board, we have found it is important to keep the following concepts forefront when building out the rest of the board.
By adhering to these best practices, companies who are on the path to an IPO can assemble a board that not only meets today’s challenges but also positions the company for sustained success in the public domain.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
[1] Data provided by EY Private.
Selecting a new chief executive is one of the most consequential decisions a board of directors will ever make. In the high-stakes world of sports, where multi-billion-dollar franchises and passionate fan bases hang in the balance, choosing the right leader is especially critical. In fact, many sports organizations today find that talent at the top is the key constraint on growth – the business of sports is booming, yet teams often struggle to capitalize on opportunities because they lack the right leadership. The mandate for modern sports CEOs has expanded beyond winning championships; they must also drive business success in an era of rapid change. What made a sports CEO successful in the past is no longer a guarantee of success going forward: Previously, sporting success led to business success. No longer. In the face of a digital technology and data revolution, evolving ownership structures, and changing consumer demands, clubs must now achieve greater business success to compete more effectively in the sporting arena. In this environment, boards of U.S. sports organizations and associations are redefining what they look for in a chief executive. Extensive research and leadership assessments show that the most effective leaders excel in three broad competency areas: Connect, Adapt, and Deliver. Below, we break down these three categories – and the key characteristics within each – that boards should prioritize when scouting the next CEO.
CONNECT: Influence People. Build Trust. Unite the Team.
In sports, the CEO isn’t just a strategist—they’re a symbol. The best leaders connect emotionally with players, employees, fans, sponsors, and civic leaders. They don’t dictate—they inspire.
Forget command-and-control. Today’s CEOs succeed by earning trust, modeling values, and rallying people around a shared vision. Emotional intelligence, integrity, and clear, transparent communication are non-negotiable. When things go sideways (and they always do), it’s the leader who can speak with clarity, take responsibility, and keep stakeholders aligned who wins the day.
Relationship-building is key. The sports CEO sits at the center of a complex stakeholder web. From locker rooms to city hall, media rooms to boardrooms, this job requires diplomacy, empathy, and presence. Boards should look for someone who actively listens, shows up for their people, and knows how to build bridges across divides.
Bottom line: Your next CEO must be more than a manager. They need to inspire belief—and unify the entire ecosystem behind the mission.
ADAPT: See Around Corners. Embrace Change. Lead the Pivot.
The business of sports is evolving faster than the game itself. Streaming, AI, NIL, esports, fan data, sports betting, league realignments—this is not the world of your last CEO. The next one must be wired for transformation.
Great CEOs aren’t necessarily tech experts, but they are tech-savvy. They ask the right questions, understand disruption, and move early. They’re agile thinkers who challenge the status quo, push boundaries, and bet on the future. They also know how to spot opportunities others miss—whether it’s rethinking revenue models or building deeper fan engagement in digital channels.
Crucially, today’s CEOs must lead through turbulence. Whether it’s navigating a pandemic, social justice demands, or college athletics upheaval, leaders must stay grounded while driving big, uncomfortable change. Case in point: the NCAA’s hiring of former Governor Charlie Baker, a leader known for cutting through chaos and building broad consensus. That’s adaptive leadership in action.
And sometimes, boards need to look beyond the sports world. Top leaders from tech, media, and entertainment bring bold new playbooks that traditional executives can’t match. Diversity of thought is no longer a bonus—it’s a strategic asset.
Bottom line: Boards should seek bold, forward-facing leaders who can evolve the organization before the market forces them to.
DELIVER: Execute Relentlessly. Build Elite Teams. Raise the Bar.
In the end, it all comes down to results. Today’s sports CEO must do more than set the vision—they have to make it real. That means delivering both competitive performance and commercial growth.
Execution matters. Boards should demand CEOs who can build operational discipline, drive accountability, and scale what works. Financial fluency is key. Your CEO doesn’t need to be a CFO, but they better understand budgets, margins, revenue levers, and risk.
But results aren’t achieved solo. Great CEOs attract, develop, and empower high-performing teams. Think head coach—but for the front office. They hire leaders who challenge them. They foster a culture of curiosity, collaboration, and continuous improvement. They know when to make the hard calls and when to back their people.
Top-performing cultures don’t happen by accident. Elite CEOs intentionally shape them. They set standards, recognize excellence, and remove mediocrity. Diversity and inclusion aren’t PR boxes to check—they’re how you get better ideas and stronger execution.
Bottom line: Boards must prioritize leaders who deliver—measurable growth, organizational excellence, and a culture built for sustained performance.
The Takeaway
What separates a good CEO from a great one in sports today? It’s not pedigree. It’s not just charisma. It’s a rare mix of influence, adaptability, and relentless execution.
The CEOs who excel are connectors, transformers, and finishers. They turn fractured organizations into unified movements. They don’t just ride change—they lead it. And they hold themselves and their teams to the highest standard of performance, every single day.
Boards of U.S. sports organizations—whether pro franchises, leagues, or governing bodies—need to get sharper, faster, and more strategic in how they assess leadership. The stakes are too high to rely on gut feel or the same old playbook.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
