.Hey there and also welcome to Modern CEO! I am actually Stephanie Mehta, chief executive officer as well as main satisfied police officer of Mansueto Ventures. Weekly this newsletter discovers comprehensive techniques to management drawn from discussions along with executives and also business people, and from the web pages of Inc. and also Prompt Provider. If you received this e-newsletter coming from a friend, you may sign up to acquire it your own self every Monday morning.Being a CEO at presents is actually tough: Pressures feature satisfying shareholders, handling increasing expenses and also solving recurring supply-chain concerns, and also producing excellent offices. But for numerous managers, being an ex-CEO offers its very own set of obstacles. Some struggle to handle the loss of the rewards and standing that feature the job, while others feel obliged to adhere to the well-trodden pathway to exclusive equity or even company boards." Yearly, countless execs relinquish long and prosperous business jobs. But few are prepared for the quest they will plunge into," previous Outpost Communications chief executive officer Maggie Wilderotter declared previously this year in a Harvard Company Customer review essay, penciled with profession trainer Rick Smith as well as talent scout Dennis Carey.Life past MicrosoftOne previous corporate chieftain who seems to have actually found his footing is actually previous Microsoft chief executive officer Steve Ballmer. Ballmer got the Los Angeles Clippers baseball group for $2 billion in 2014 and merely revealed the team's brand-new home, the Intuit Dome. (Prompt Firm calls it "Steve Ballmer's $ 2 billion play ground for LA Clippers followers.") The team and field have provided Ballmer a sense of purpose that possesses, in some ways, overshadowed his expertises at the specialist titan. "I've serviced a considerable amount of products over the course of my occupation at Microsoft, as well as I have actually liked all of them all," Ballmer told me during the course of a meeting this month at Intuit Dome facing an audience that featured members of the Youthful Presidents' Association in addition to building and construction employees that aided create the establishment and their families. "However ... in the development of the property, I perhaps possessed a clearer view of what I wanted to perform, and I possess the best satisfaction, certainly not just because it turned out well, yet [considering that] it's an assets in the area, as well." Intuit Dome has actually quite been an enthusiasm project for Ballmer, that found to make certain that all followers have a superior experience. Every chair is actually designed along with very easy access to deals as well as restrooms, phone billing capacities, as well as adequate lower leg room, despite ticket price.Ballmer's sizable assets are paying off. The Clippers gained 51 games in the 2023-2024 season, and also completed 4th in the NBA Western Event. (The Dallas Mavericks eliminated the team from the playoffs.) As well as Ballmer often rates as being one of the leading NBA owners in enthusiast polls.He is actually an improbable shining example for post-CEO lifestyle. His retirement life coming from Microsoft in 2014 after 34 years at the provider as well as 13 years as chief executive officer was emotional and stuffed. Though earnings virtually tripled throughout his tenure, the share basically stood still, and also the business missed the chance to become a gamer in smart phones as well as net solutions. Under pressure coming from the business's panel, Ballmer looked for to revamp the business before ultimately determining he was certainly not the most ideal individual to relocate Microsoft ahead. A press reporter who told his parting from Microsoft illustrated him as "really saddening to leave behind the business." CHIEF EXECUTIVE OFFICER, reinventedPart of what makes Ballmer a second-act effectiveness account is that he failed to attempt to recreate his business life. Instead, he took possession of an option to obtain the Clippers after previous co-owner Donald Sterling was actually outlawed coming from running the group or even connecting with the NBA. "Having a lot of choices can trigger choice tiredness, changing to default options, or even staying clear of choosing altogether," Wilderotter and also her co-authors claim, urging ex-CEOs to rather redefine their purpose or even identity. (Ballmer is actually also owner of USAFacts, a nonpartisan data provider.) Expense George, the former Medtronic chief executive officer who recast themself as a management authority after retired life, has mentioned that the past CEOs that thrive are the ones that find methods "to generate or nourish things that will definitely outlast them." In the course of our interview at the field, Ballmer reflected this sentiment. "Someone told me when, 'No one ever before really possesses a baseball group. You handle it. You shepherd it, and you carry it along,'" he points out. "Intuit Dome can be a bit of what I carry out to shepherd this staff throughout. Because it's had due to the fans by the end of the time, and also our experts merely care for it." Are you an one-time CEO in a second act?Are you a former chief executive officer that has discovered purpose in your second process? Exactly how did you handle discovering your brand new identity? Deliver your understandings as well as anecdotes to me at stephaniemehta@mansueto.com. I'll discuss the most compelling examples in a future newsletter.Read as well as view a lot more: 2nd actions Put on the Most Cutting-edge Providers Awards as well as be actually realized as an institution driving the world ahead through innovation. Early-rate due date: Friday, August 23.