Meet the Irish psychologist trying to prevent business chiefs suffering 'leadership derailment'
On Monday, Tesla shares dropped almost 7% shortly after Mr Musk announced plans to form a new US political party named the 'American Party'. It follows his spectacular public bust up with US president Donald Trump, and his controversial work with the country's Department of Government Efficiency (Doge) dealings.
Dr Mary-Clare Race has worked for more than 20 years in executive coaching, having worked with senior executives at global organisations like Lloyds and Citi, the UK government, and Britain's NHS. The Irish organisational psychologist is the chief executive of Talking Talent, a UK-headquartered agency working for more than 20 years in executive coaching.
Elon Musk's business decision-making has been increasingly called into question. (Pool via AP)
'You always have to be careful as a psychologist not to profile someone from afar, and make assumptions about what is happening with them. But in broader terms, leadership derailment can be where you see erratic behaviour, risk-taking behaviour, outbursts in the office, bullying behaviour. That's how derailment can manifest. In other instances, it can be mental health issues, disengagement, burnout, stress. It really depends on the situation,' she said.
Dr Race began her PhD research in this area in the mid 2000s. "I was very interested in this trend whereby these otherwise brilliant people would get to a certain point and they'd either derail on a spectacular level, or sometimes it's just a slow plateau, a loss of direction, or a failure to fulfil potential. I would say in the 20 years since, leadership derailment continues to be a problem, with some estimates that anywhere between 40% to 70% of leaders will derail in in some fashion.
'There's a real need for awareness around what happens when leaders derail - and how they can find their way back from the wilderness.'
Through her Talking Talent agency, Dr Race has regularly worked with leaders in financial institutions. "A lot of the time we're coaching them through major transition points. Maybe they're stepping into the CEO role for the first time, taking on that responsibility, or navigating some opportunity or challenge. We find that working with a coach through that process can be effective to develop new skills and recognize that different situations require you to show up in a different way. It's not always a one-size-fits-all situation."
Part of Dr Race's research has compared derailment differences between the private sector and the public sector. "I think the benefit of the public sector is that you often have more checks and balances in place, particularly if the leader showing up in a problematic way," she said.
According to Dr Race, often a paradox exists 'where the very attributes and behaviour and skills that have got you to a certain level of success can then be the thing that derails you. For a leader to continue to be successful in the long term and not derail, I think they have to have a very healthy degree of self-awareness and take their learning seriously and recognise that leadership is never a destination that you reach. It is something that you have to be continually working on. It's like a muscle in a professional athlete. They don't get to the highest level of their career and then stop having to train. It's something that you've got to be continually focusing and reflecting on, and be open to feedback.'
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