To answer the title’s question accurately, say Bennett and Miles, we need to appreciate just how nuanced the position is. While it’s easy to understand the multidimensional fit that’s needed for the role to succeed, that fit is challenging to achieve and to manage. In cases where that never happens, the results are likely to be unhealthy rivalries, defensiveness, over-control, rigidity, misconceptions and doubt. It’s not hard to find examples of COOs who contributed positively to the CEO and the company, the next CEO is often the current CEO, so the role appears to be a useful one. The authors raise some about this, then consider how the role should be executed so that it creates value.

Bennett and Miles cite a recent study that found that firms led by a CEO-COO duo underperformed firms without a COO and that in poorly performing firms the presence of a COO increased the likelihood the CEO would be dismissed. Unfortunately, they fail to inform us where the authors of that study considered and ruled out the possibility that companies in difficulties are more likely to add a COO to shore up their bench strength. Any adequate understanding of the COO role includes recognizing its amorphous nature, and that involves going beyond finding one answer to the question “What is the right way to structure a COO role?” Rather, three questions should be considered: Does the COO fit the CEO in terms of personality, skills and style? Does the COO fit the company in terms of having what it takes to meet the challenges of the job? Does the COO fit the opportunity in terms of his or her career aspirations and the company’s succession planning?

After discussing answers to these three questions, Bennett and Miles emphasize the importance of monitoring these issues of fit for boards and CEOs considering the creation of a COO role. A good starting point is to understand and broadly communicate the reason for the existence of the position. The authors’ research has identified seven motivations for the position: 1.To Lead an Operationally Intensive Business. 2.To Provide Leadership for a Specific Strategic Imperative. 3.To Mentor an Inexperienced CEO/Founder. 4.To Complement the Strengths of the CEO. 5.To Create a Strong Partnership at the Top. 6.To Develop the Heir Apparent. 7. To Retain Executive Talent Being Courted by Another Company