In the fable called "The Emperor's New Clothes" the value of an honest, objective and outspoken opinion is apparent for all to see. And that kind of perspective is what Chief Outsiders just love to provide.
In my career as a CMO, I have had the opportunity to work with CEOs in start-ups and turn-around situations. In most situations where a new CEO has been brought in, the company has not been performing well for several years. But it has potential.