CEO AND BOARD SUCCESSION
The transition from one senior leader to another is a critical moment in the future of any organisation. A smooth transition is essential in maintaining the confidence of stakeholder constituencies, promoting positive board member relations, strengthening cultural and organisational identities as well as providing the incoming executive with a solid platform to succeed.
The most successful companies effectively manage leadership change utilising a robust and well executed succession plan. The departure of a senior executive can be planned or unplanned; in either case, by the time the value of a succession plan is identified it is all too late to commence the process of building one. As a result, it is the responsibility of the executive team to make a consistent commitment to succession planning a priority, even in the face of more immediate day to day issues. In addition to demonstrating good corporate governance, succession planning brings with it a number of key benefits, none more so than visibly aligning key leadership development requirements with the strategic goals of the enterprise.
Principal Connections regularly advises executive teams to optimize the succession planning process for CEO and critical leadership roles. We assess and evaluate the succession planning process in situ against a context of best practice and the strategic requirements of the business. Following a time consuming and comprehensive process, we present recommendations and support our clients during the implementation phase.