.Hi as well as welcome to Modern chief executive officer! I am actually Stephanie Mehta, CEO and also main material policeman of Mansueto Ventures. Weekly this bulletin looks into comprehensive strategies to leadership drawn from chats with managers and business owners, and also coming from the pages of Inc. and also Rapid Company. If you received this bulletin from a good friend, you may join to obtain it yourself every Monday morning.Being a chief executive officer at presents is challenging: Tensions consist of delighting shareholders, handling climbing expenses as well as resolving ongoing supply-chain concerns, and also making excellent place of work. However, for several executives, being an ex-CEO shows its own set of difficulties. Some battle to cope with the reduction of the rewards and also standing that include the task, while others experience required to observe the well-trodden pathway to private equity or company boards." Each year, thousands of managers retire from lengthy as well as successful company occupations. However couple of are prepared for the trip they are about to start," former Outpost Communications CEO Maggie Wilderotter announced earlier this year in a Harvard Service Testimonial essay, penned along with profession train Rick Johnson as well as talent scout Dennis Carey.Life beyond MicrosoftOne past business tribal chief who appears to have discovered his footing is past Microsoft chief executive officer Steve Ballmer. Ballmer bought the Los Angeles Clippers basketball team for $2 billion in 2014 and also only unveiled the group's new home, the Intuit Dome. (Rapid Business calls it "Steve Ballmer's $ 2 billion playing field for Los Angeles Clippers supporters.") The team and field have given Ballmer a feeling of purpose that possesses, somehow, shrouded his expertises at the technician giant. "I have actually worked with a considerable amount of products over the course of my profession at Microsoft, and also I've liked them all," Ballmer informed me during the course of a meeting this month at Intuit Dome in front of an audience that featured participants of the Youthful Presidents' Institution in addition to development employees that assisted create the location as well as their households. "However ... in the development of the structure, I possibly had a clearer sight of what I wanted to carry out, and also I have the absolute most complete satisfaction, certainly not even if it prospered, however [due to the fact that] it's an expenditure in the area, as well." Intuit Dome has actually very much been a passion project for Ballmer, who sought to ensure that all fans possess a premium experience. Every chair is actually made along with quick and easy accessibility to giving ins as well as washrooms, phone demanding capacities, as well as sufficient lower leg area, irrespective of ticket price.Ballmer's considerable investments are paying off. The Clippers gained 51 games in the 2023-2024 time, and finished 4th in the NBA Western Association. (The Dallas Mavericks did away with the staff coming from the playoffs.) As well as Ballmer routinely ranks as one of the leading NBA proprietors in follower polls.He is an extremely unlikely shining example for post-CEO life. His retirement life from Microsoft in 2014 after 34 years at the firm as well as 13 years as chief executive officer was emotional and also stuffed. Though earnings nearly tripled in the course of his tenure, the share practically went stale, and the firm overlooked the chance to end up being a player in cell phones and internet companies. Struggling from the business's panel, Ballmer looked for to remodel the provider prior to inevitably deciding he was actually certainly not the best individual to move Microsoft ahead. A press reporter that told his departure coming from Microsoft illustrated him as "quite depressing to leave behind the firm." CHIEF EXECUTIVE OFFICER, reinventedPart of what creates Ballmer a second-act success story is that he failed to choose to recreate his corporate lifestyle. Rather, he took possession of an opportunity to get the Clippers after previous co-owner Donald Sterling was actually outlawed coming from operating the staff or associating with the NBA. "Possessing excessive selections can lead to selection exhaustion, reverting to fail options, and even staying clear of deciding completely," Wilderotter and her co-authors say, recommending ex-CEOs to instead redefine their function or even identity. (Ballmer is also owner of USAFacts, a nonpartisan data provider.) Bill George, the past Medtronic chief executive officer who modify himself as a leadership authority after retirement, has actually mentioned that the former Chief executive officers that thrive are the ones that discover ways "to create or even support points that will outlive all of them." Throughout our meeting at the stadium, Ballmer resembled this view. "Someone informed me the moment, 'No one ever actually possesses a basketball crew. You look after it. You shepherd it, and also you carry it along,'" he mentions. "Intuit Dome could be a small amount of what I do to shepherd this staff throughout. Given that it's owned due to the enthusiasts in the end of the day, and our experts only care for it." Are you a single CEO in a 2nd act?Are you a previous CEO that has discovered purpose in your 2nd action? Exactly how performed you engage in discovering your brand-new identification? Send your understandings as well as narratives to me at stephaniemehta@mansueto.com. I'll discuss one of the most convincing examples in a future newsletter.Read as well as enjoy extra: 2nd process Put on one of the most Ingenious Companies Honors and be actually acknowledged as a company driving the globe forward by means of development. Early-rate due date: Friday, August 23.