Succession planning processes exist to guide the board of directors through the steps needed to ensure that the board identifies the best qualified candidates for the CEO position and then make sure that they are properly developed and positioned for succession when the time comes. Therefore, before developing an executive succession plan, the board first must develop and implement a comprehensive succession planning process.
Succession planning should be conducted in a methodical manner. For an experienced executive, establishing the process, identifying the obvious candidates, and completing the replacement tables are very basic steps of thoughtful planning. However, identifying and developing the CEO’s potential successors inside the corporation are much more difficult tasks. Like athletic coaches, business leaders must master the art of talent identification and development.
To learn more about our Succession Planning products and consulting services, and how XCEO partners with boards in their efforts to develop an effective succession plan, click here.
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