And while some of the specific do’s and don'ts for CEOs are unique to their role, most essential things like setting expectations, developing a vision, establishing a management process, creating priorities, building your management team, and doing an exceptional job on your earliest projects apply equally to anyone in a new leadership role.

When Ron Daniel was the managing partner of McKinsey & Company from 1976 to 1988, he sent a memo to new recruits when they started, entitled, “On Becoming an Associate.” His advice is still memorable all these years later: “Recognize the necessity of getting off to a good start in the firm. Your first few engagements are critical. During these studies, you can establish an internal clientele for yourself - that is, by performing in an outstanding way, your reputation will be quickly established in your office and even the firm.” (We’ve incorporated Ron’s memo in the Appendix of the book.)

This is especially important because whenever you assume a new role, you’re in what Max DePree, former CEO of furniture company Herman Miller and author of Leadership Is an Art, calls “a temporary state of incompetence.” Even if you think you know a company - or a department or a division - before you take over its leadership, think again. As GE’s Immelt reminisces, “I worked for this place for twenty-one years before I got the CEO job and there were still things that shocked me when I took over.”

The knowledge gap is even wider for outsiders. “Anyone coming into a new situation is faced with the fact that they often have to do the most at a point they know the least. You may have previous experience and you may be smart and have insight into how things work, but you know the least about the actual company you’re engaged in at the same time you have to set things in motion,” says AOL chairman and CEO Jonathan F. Miller, himself recruited into the company from the outside.

His advice to leaders coming into new positions from the inside: “I would take the opportunity to make yourself an outsider. Having an outside facilitator can help with this - he or she can bring in a third-party perspective and independent facts or research that might be different from what you have at the top of your mind or readily at hand.

Schacht’s advice is especially pertinent during a crisis. In troubled times you need to have as many brains as possible working on the issues, but those brains have to agree on what they are doing and why. “You have to have agreement on definition of duties,” he says. “You’ve got to have roles and responsibilities and none of that is easily apparent, particularly in a crisis and particularly when you have to make changes.” Listening and talking to people takes time, a precious commodity when everyone is breathing down your neck and demanding answers, direction, and a strategy for salvation. Nonetheless, Schacht declares, “This is not a luxury, it’s critically important. It’s the most important thing you can do.

Let’s face it, no one, regardless of how experienced or talented, is equally adept at every aspect of a job. In any case, as Immelt points out, even if you are above average across the board, no leader has the time to concentrate on every aspect of the job, especially in the earliest days of a new position. Think about where your personal involvement will yield the most leverage and where someone else might do an even better job.

Each party in this partnership needs to know when to be hands-on and when to be hands-off, when to push and when to pull back. Sometimes these divisions are clearly delineated. More often the roles need to be redefined when there’s a change of leadership, and often it is up to you to think through and surface that new definition. The process demands a diplomatic and deliberate touch to prevent the partnership from degenerating into a “you versus them” antagonism.