Comments (11)
Stephen Grant
Succession planning in big companies is a bit like innovation. Very few companies are satisfied with their performances that's why they keep changing their CEOs, bringing change and excitement. However, there is always a period of instability when it comes to succession. When you have a new CEO finally coming in, every employee is wondering so what's now? There is a loss of momentum and pace which create a lot of uncertainty leading to performance deficiencies. In short, it's very difficult to appoint the right person at the top of the food chain even if it is a family company.
John Cupis
The first thing companies should do to make an efficient succession planning is to allow the board to take care of this task. In the past, it was the CEO who appointed his successor, which wasn't a smart thing because of the conflict of interests between his duties and what's best for business. Now things have changed by treating the succession as a process instead of an event, allowing the smooth running of organisations.
Pat Walker
Boards should think of choosing between 10 CEO candidates way ahead of time instead of a single person to make the right decision because during the transition period the options would have already been narrowed considerably and talent pool could be thin. Also choosing from outside the company is a dangerous move.
Glenn Pryce
It's about boards working with the CEO to systematically get familiar with the top leaders of the company. That way it would be much easier to know who is next in line.
Charlie Molko
It's the capability of looking forward that will determine who is the better CEO, by having a look at the perfect track record this person has over his/her career
Nick Berry
Thought provoking read !!
Frank Delon
Selecting the most loyal person is a convenient option because a loyal CEO will never quit nor give up during hardships
Vicky Davis
When it comes to SUCCESSION in family companies, there is always a power struggle between family members. SO IT'S A TOUGH DECISION.
Dave Long
Appointing the right CEO requires a lot of effort, patience, timing and sacrifices. It takes time to choose amongst the most talented persons inside a company. We should also take into account the reactions of the markets and investors. They shouldn't be overlooked, they can also have a say !!!
Andreas Prias
I agree that it's difficult to hire the most competent CEO. Organisational culture and power struggles play a huge role in the dynamics of succession
Gary Churchill
Amazing Post !!
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