Thought Leadership

Succession Planning for Long Term Sustainability

By Virginia J. Vanderslice, Ph.D.

Boards of directors often ask their CEO’s for a succession plan, and review it annually. And while the plan should include the name of any potential successors, it should go far beyond this bare minimum. A succession plan should spell out a process that identifies and develops those who, with time and the right experiences, could be ready to move into not only the CEO role, but other key roles within the organization. It also should help the board understand when it may need to look outside the company to fill a key leadership position.

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