The best-performing CEOs in a crisis tend to be those who act quickly, looking for chances to not only survive, but to transform a business, says Courtney della Cava, a partner in Bain’s leadership practice. Many boards give new leaders the benefit of the doubt in a downturn, creating chances for even greater change, she added.

“The best ones recognize that winners pull away from losers, so this is not an opportunity to squander,” she said. “It’s a defining moment. It’s the kind of challenge and opportunity that occurs once in a generation.”