Being a CEO can be an all-consuming job.
Parks originally published this article on LinkedIn. Carrier Management is republishing it with his permission.
No matter how well the organization is performing, there is always the sense of responsibility to stakeholders. CEOs are also granted a sort of “rock star” status in our society, no matter how small and humble the organization may be. It is easy to let the role define you.
But at some point, your time in the role comes to an end. For CEOs fortunate enough to pick the time and place, and who can also make their CEO tenure the last act of a professional career in an industry, I want to offer some advice on making the next phase of your life a rich and fulfilling time.
During the CEO Tenure
After Retirement
There may be the rare CEO who simply wants to watch nature from their back porch in retirement, but most of us likely aspire to be more active than that. After all, we spent years in a very active and high-profile role. We also have much to give based on our experiences. What we give and how we give it will differ for everyone, but I’ll share what I’ve learned so far.
If you are at highway speed and suddenly see an intersection in front of you, it’s a terrifying experience to come to an abrupt stop and decide on your next direction.
My Retirement
I am new to retirement, but following the steps I’ve outlined here has led me to a promising start.
Take time to reflect on what brings you fulfillment and joy.The CEO who succeeded me is an outstanding person and a great leader. She will clearly build on what I did in the role and take the company to a bigger and better place. I continue as a board member (but not as board chair), which allows an occasional view of the progress of the company.
Spending more time with family and friends has been a blessing. We will be going to that long-neglected family reunion and I am looking forward to that as much as if I had scored Super Bowl tickets. I have voluntarily gone shopping with my wife on multiple occasions, which is opening up an avenue of retail therapy that has eluded me.
About Rick Parks
Rick Parks is the retired CEO of Society Insurance, a 108-year-old property/casualty insurance company headquartered in Fond du Lac, Wisconsin.
He is a former Chair and Board Member of the Wisconsin Insurance Alliance and a former board member of the American Property Casualty Insurers Association. Parks also served for over 10 years as the Chair of the State of Wisconsin Property Casualty Advisory Council that coordinated with the Wisconsin Office of the Commissioner of Insurance on P/C insurance issues in the state. He was a long-time member of the Wisconsin Manufacturers and Commerce board, the state manufacturers association and state chamber of commerce.
In retirement, Parks is a part-time instructor in Risk Management & Insurance at Marian University of Wisconsin in Fond du Lac. He is also the principal of Rick Parks Consulting, a consultancy firm that advising the P/C insurance industry and business organizations in general.
I am actively involved in at least a few things that can be considered commitments, but they still allow me a freedom of time I did not have in the CEO role.
I’ve been blessed to be able to teach a class on Risk Management & Insurance at Marian University of Wisconsin, located in Fond du Lac where my former company is headquartered. This checks off multiple parts of my advice to retiring CEOs. It’s definitely something new, but it also allows me to give back to an industry that was so very good to me. My one class schedule doesn’t overburden me, but also gives some insight on how much more I can commit to while maintaining the flexibility one should have in retirement.
Teaching insurance in a university setting is new, but familiar ground. In the vein of trying something new that is also a little scary, I’ve jumped into the music ministry of the Catholic parish where I am a member. This happened prior to my retirement but was something I saw as potentially becoming a significant part of my post-retirement life. I was recruited to be a cantor during the later phases of the pandemic as many people were sticking close to home and cantors were in short supply. If you aren’t Catholic, the cantor leads the singing in the service, including Mass parts. You are definitely out there. In my parish attendance at Mass is in the hundreds. I did not read music when I started (and have only a scant capability now), so my learning curve was steeper than for most new cantors. It’s been very fulfilling to become at least competent. I’ve gone on to join the parish choir, where I’ve been thrown in the complexity of four-part harmony.
Beyond what I am doing at Marian University and at my church, I’ve tried to be mindful of opportunities to give back. I am the board chair of a large nonprofit, Forward Services Corporation, located in Madison, Wisc. Forward Services offers job training and job preparedness programs to adults and youth throughout Wisconsin. I had been involved with the organization for many years and worked with a great CEO who retired on the same day as me. As board chair I’m able to work with a new CEO, who will also take that organization on to bigger and better things.
My family has also set up a couple of charitable funds that are focused on providing scholarships to incoming college students who may need some help on getting started. My wife and I both benefited from scholarships to attend college, so we are paying that forward.