Effective Leadership Transitions
By Virginia J. Vanderslice, Ph.D.
Hiring the CEO is typically a responsibility of a company’s Board of Directors. However it is often the case in ESOP companies that the first leadership transition following an ESOP’s implementation is made prior to the creation of a fully functioning Board. The responsibility for the transition process, then, typically falls on the current CEO who just sold much or all or his or her company stock to the ESOP.
This article originally appeared in the August 2008 ESOP Report, a publication of The ESOP Association, 1726 M Street, NW, Washington, DC 20036.Download the PDF