Perspectives on Executive Succession Planning
Succession planning from the perspective of the board of directors is the “art” of identifying and developing candidates, either internally or externally, with the potential to fill key business leadership positions within an organization. There are scores of papers, presentations, checklists and even entire consulting practices predicated on assisting companies and boards with developing succession plans for their businesses. Succession planning has become a key action step for companies of any size, any industry, public or private. When done properly, it can help in ensuring that an organization can keep up with changing times, be more prepared for the unexpected and provide leadership a stronger overall perspective of talent requirements of an organization and the competencies to promote success.