The Leap to Top Leadership: How High-Performers Can Successfully Step Up to CEO

As longer holding periods narrow the executive talent pool for investor-backed businesses, a dual opportunity emerges: firms can access untapped leadership potential in step up candidates while ambitious senior executives may access increased opportunities to take on the CEO role.

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The path to becoming a CEO is evolving. While the role has traditionally been filled by experienced executives, given current market conditions, private equity (PE) firms are now more open to considering “step up candidates”– individuals without prior CEO experience in investor-backed businesses – due to a shortage of proven leaders.

However, transitioning from a senior executive to the CEO seat requires more than just a strong track record. For step up candidates, success hinges on intentional preparation and embracing the critical mindset shifts that will transform them from functional experts into enterprise leaders.

In this two-part series, first we will explore how step up candidates can ready themselves for the CEO role and then in the following piece, we will outline how firms can vet these promising leaders to ensure they select the right individual for the role.

To gain an insider’s perspective on making this shift, we spoke with Travis Warren, who recently took the helm as CEO of PE-backed Brandt Information Services. His experience as a first-time CEO in an investor-backed business offers valuable lessons for aspiring executives and the firms considering them.

Adopting The CEO Mindset: Four Critical Shifts

Stepping into the CEO role for the first time demands evolving how a leader thinks and leads. Here are the four shifts step up candidates need to make to ensure a successful transition:

• From Operator to Strategic Orchestrator: Becoming a CEO means shifting from a hands-on executer to the orchestrator of vision and direction. Particularly in an investor-backed business, the role requires balancing driving strategic direction with tactical involvement.

“I had to step away from being deep in any work and start focusing on setting direction, aligning teams, and building the systems that drive execution—without being the one doing it all myself.” – Travis Warren, CEO of Brandt Information Services

• From Manager to Inspirational Leader: Leadership presence is crucial in the CEO role. The executive’s primary focus must be on instilling confidence in their teams, boards, and investors, especially under pressure or in times of change or instability.

“[The true value of a CEO] comes from creating clarity, not control.” – Travis Warren, CEO of Brandt Information Services

• From Functional Expert to Enterprise Leader: As CEO, a leader needs to deftly navigate complex cross-functional dynamics, which are critical for driving value creation.

“Even with a strong product and tech background, I needed to quickly get fluent across finance, operations and human relations. As CEO, I couldn’t just be in one lane—I had to lead across all of them, even in areas where I wasn’t the expert.” – Travis Warren, CEO of Brandt Information Services

• From Contributor to Communicator-in-Chief: Board and investor communication also becomes essential, as engaging with stakeholders is core to the CEO role. Leaders will need to be able to articulate strategy with clarity, confidence, and persuasion to build trust and create open lines of communication.

“I’d been in the trenches, scaled a company, done M&A, and operated within a public company—so I could speak lots of languages. – Travis Warren, CEO of Brandt Information Services

Getting Ready for the Role

Nothing signals readiness for the CEO seat like running a business unit with full accountability for financial performance. P&L ownership experience is non-negotiable for potential CEO candidates, especially for operational leaders seeking to make the jump to CEO. In addition, strong financial acumen is table stakes. Would-be CEOs must be fluent in how capital is raised and deployed, what investors expect, and how value is created. A solid understanding of the company’s growth strategy is another critical element of being able to win the seat.

Beyond developing superb financial literacy, step up candidates should also take the following steps to prepare for the role:

• Take on Diverse Leadership Experiences: Pursuing opportunities that stretch a candidate’s capabilities beyond functional expertise are paramount. For example, finance leaders aspiring to CEO roles should actively seek operational experience to demonstrate broader business leadership.

“[In the hiring process] the board was clear: they were looking for someone who could lead a cultural and operational transformation without breaking what was already working. They wanted a leader who could bring the right mix of strategic clarity, people leadership, and enterprise software experience.” – Travis Warren, CEO of Brandt Information Services

• Build a Personal Leadership Brand: Leaders should deliberately cultivate a personal brand that reinforces their ability to provide vision, lead teams, and think strategically. This means intentionally building executive presence, honing communication skills, and practicing influencing up and across the organization.

“Don’t wait for the title to start acting like a CEO. Build muscle around decision-making, hiring, communicating priorities, and letting go of the details.” – Travis Warren, CEO of Brandt Information Services

• Seek out Mentors and Sponsors: Leaders should cultivate relationships with their current CEO or board members who can offer perspective and act as advocates.

“Know your gaps and get comfortable seeking help—whether it’s a coach, a strong board, or peers in the same seat. The job is isolating if you let it be.” – Travis Warren, CEO of Brandt Information Services

The Path Forward

All CEOs were once a step-up candidate, facing the same challenges and opportunities that come with taking on the top leadership role for the first time. As Travis Warren shared, what distinguishes those who successfully navigate this critical transition is a combination of intentional preparation, keen self-awareness, and strategic career choices.

For organizations looking to tap into this pool of high-potential talent, effectively evaluating and supporting step-up candidates is equally critical. In part two of this series, we outline the skills that boards and investors should look out for and the strategies that firms can employ to vet these promising leaders and ensure success in the CEO role.