The document discusses the importance of executive coaching for developing competencies critical for senior-level business leaders. It notes that 70% of executive development comes from on-the-job experience, while 20% comes from coaching and 10% from formal training. Replacing an executive can cost an estimated $800,000 due to separation, vacancy, replacement, socializing, and ramp-up costs. Executive coaching helps maximize performance, enhance retention, and strengthen competencies like strategic orientation, customer impact, and change leadership. Coaching addresses blind spots, builds on strengths, and improves leadership approaches through activities like diagnostic assessments, development planning, and meetings.