Here's a good article that defines the various qualities of an effective leader. I think it's a good starting point for anyone who wants to lead a company or evaluate a company's current crop of leaders.
"Leadership can be defined as one's ability to get others to willingly follow. Every organization needs leaders at every level. Leaders can be found and nurtured if you look for the following character traits.
A leader with vision has a clear, vivid picture of where to go, as well as a firm grasp on what success looks like and how to achieve it. But it’s not enough to have a vision; leaders must also share it and act upon it. Jack Welch, former chairman and CEO of General Electric Co., said, "Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion."
A leader must be able to communicate his or her vision in terms that cause followers to buy into it. He or she must communicate clearly and passionately, as passion is contagious.
A good leader must have the discipline to work toward his or her vision single-mindedly, as well as to direct his or her actions and those of the team toward the goal. Action is the mark of a leader. A leader does not suffer “analysis paralysis” but is always doing something in pursuit of the vision, inspiring others to do the same."