[Excerpt] Effective leadership is a unique competitive advantage. Companies with effective leadership experience a 15.7% equity premium while companies with ineffective leadership experience a 19.8% equity discount. Furthermore, it costs less and takes companies a shorter amount of time to develop talent internally over acquiring it externally. To ensure high potential (HiPo) talent succeeds in GM roles, companies can identify proper leadership competencies, identify talent that fits these competencies, and develop this talent accordingly.