Leveraging Board Succession as a Strategic Asset
Today’s healthcare market is simply too complex, unpredictable, and competitive not to have a well-constructed and finely tuned board. Such a board doesn’t just happen....
By Andrew Chastain and Susan Snyder
Today’s healthcare market is simply too complex, unpredictable, and competitive not to have a well-constructed and finely tuned 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.
Good board succession planning elevates the likelihood of bringing on directors suited to the organization’s needs now and in the future. Board succession sets the stage for good governance and maximizing the organization’s potential. It can also have ancillary benefits such as greater leadership stability (especially during crises or leadership transitions) and enhanced board diversity.
In this article, WittKieffer CEO Andrew Chastain and Susan Snyder, Executive Partner of WittKieffer’s Leadership Advisory, outline the finer points of board succession planning and make the case that board succession is not just a good idea but a strategic imperative for healthcare organizations today.
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