Why Leaders Have a Hard Time Knowing When to Leave
Choosing the right time to exit is an important management skill—for politicians and CEOs.
In July, President Joe Biden transformed himself from the Democratic Party’s biggest liability into its biggest hero. By threatening to hang around too long, he’d walked up to the very edge of unraveling much of the goodwill and respect he’d earned from more than 50 years of service to the American people. By standing down, he redefined himself overnight as an exemplar of patriotism. “I revere this office, but I love my country more,” he said in an Oval Office address.
The episode showcased one of the hardest things that comes with having power: knowing when to give it up. It can take decades of sacrifice to get to the very top—in Biden’s case, three runs at the White House. Departing too soon can result in deep regret over unfinished business. Staying too long risks destroying a hard-won legacy.