The first thing you ought to do if you’re the new person in charge is nothing,” says Schacht. “I have learned this over and over again. Resist the temptation to ‘hit the ground running.’ It is absolutely almost certain to be wrong.” He stresses this is even true in a crisis situation.

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.

When you’re in a crisis, you also have to show confidence. You have to be visible and absorb the uncertainty that people feel. Think of your job as being sort of a shock absorber between the events swirling around the company and your employees’ deep-seated desire for stability and security. This will help when people are constantly examining your every gesture and expression for hidden messages that imply that things might be worse than they already are.

Lucent’s Schacht offers sound advice for the new CEO in a crisis:

“If I were a new CEO coming into a new company at a tough time. I’d have a deal with the board. I would tell them, ‘I’m going to keep you informed every step of the way. But you’re not my most important problem right now. You’re asked me to come in and you’ve given me a good briefing and I thank you; now please give me a little room. I’ll be back with a status report in two or three weeks, and if something else comes up, we’ll be on the phone together. But right now my most important constituent is the internal folks and our customers.