In Focus: Succession Planning
Throughout August we have been sharing articles and resources around succession planning – succession planning for directors and for the CEO (or equivalent.
Naturally boards will, from time to time, have directors leaving, either due to personal reasons, illness, or conflict. High-functioning boards are constantly on the lookout for fresh blood that they can bring on to the board. At the moment we are in the lead up to AGM time, and many organisations may be looking for new directors. Being a little more strategic with your board succession plan will avoid the “get to the AGM and hope someone puts their hand up” moments.
Furthermore, we have sadly seen many examples of organisations suddenly without their leader; and those who are left – namely, the board and senior managers –have to simultaneously pick up the pieces, go through the grieving process, and maintain company performance. From the death of Sheryl Sandberg’s husband Dave Goldberg – CEO of Survey Monkey – in a freak accident, to the tragic murder of Adelaide Crows coach Phil Walsh. It’s an unfortunate reality that, as the leaders of the business, we have to give serious consideration to.
This month’s in focus will hopefully help you and your board plan and prepare for when the proverbial **** to hit the fan (and hopefully that it doesn’t hit it in the first place).
A Practical Guide to CEO Succession Planning by Russell Reynolds Associates
This article sets forth the specific elements and timeline of a successful CEO succession plan, as well as the steps necessary to ensure a smooth transition. It’s perfect for new-to-CEO-recruitment folks and includes a useful table outlining CEO competencies and success factors (very handy stuff!). Read more…
The Board’s Role in CEO Succession [and crisis] Planning
The two most important processes to get embedded in any organisation is a succession plan for the CEO, and a crisis plan that can be deployed to manage the staff, market, and other stakeholders in an efficient and effective manner. Read more about each of these processes…
Board Succession Planning and Skills Analysis by Conscious Governance
A conscious Board will develop a succession plan that provides guidance on identifying and sourcing potential Board members who can fulfill key requirements. This succession plan helps appoint new directors quickly in a structured manner, and the Board can continue its business without disruption, meeting any business challenges that are encountered. Here’s how to get started…
Succession Planning with Your Board by the Society for Human Resource Management
For an organisation to plan for the replacement of key leaders, potential leaders must first be identified and prepared to take on those roles. It is not enough to select people in the organisation who seem “right” for the job. Not only should the experience and duties be considered, but also the personality, the leadership skills, and the readiness for taking on a key leadership role. Read more [and be sure to download the [FREE!] resources at the end of the article]…
Be sure to check out and follow our Twitter and LinkedIn feeds for links to many more articles and information specifically for new and aspiring company directors.
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