Succession Planning
Succession planning is critical to an organization’s longevity and vitality, yet many postpone succession planning until there is a crisis. This series of insights explores...
Succession planning is critical to an organization’s longevity and vitality, yet many postpone succession planning until there is a crisis. This series of insights explores when and how organizations might best approach planning for a key executive or board member’s departure and how to make succession planning an ongoing strategic initiative.
by Andrew Chastain and Susan Snyder
CEO succession planning is one of a board’s core responsibilities; yet it is often postponed, only to be taken up when transition (driven by retirement or performance) is required. CEO succession planning must be a board imperative. It is a critical strategic activity that boards should prioritize not only because it avoids major disruption when transition occurs, but also because it enables strategic alignment and development now. Given the disruption in our world today, any activity that fosters current and future performance is an absolute necessity.
by Andrew Chastain, Megan Hay, and Susan Snyder
Leadership succession planning is a strategic imperative, especially in tough times. It ensures the retention of institutional knowledge, boosts morale and retention, and mitigates the effects of a sudden or unanticipated vacancy in a mission-critical position. The more compelling argument for strategic leadership succession planning is its inextricable link with strategy. Strategic planning paints a vision and a path toward success; executing a strategic plan requires the right people in the right roles, which is a direct result of strong succession efforts.
by Andrew Chastain and Susan Snyder
Today’s world is simply too complex, unpredictable, and competitive not to have a well-constructed and finely-turned board. Such a board doesn’t just happen. It takes time, thoughtfulness, intentionality, some trial and error, and incremental improvement. While strong board succession is not the end of the journey to a high-performing board, it is an essential component. If skipped, the other steps in the journey are much more difficult.
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