Spencer Stuart: Advice for Boards on CEO Succession Planning
Having a thorough CEO succession plan in place can be integral to the process going smoothly when the time comes. However, it’s often a daunting task and can be difficult for boards to truly prepare for such a transition. Through their experience with executives and boards, Spencer Stuart has identified four areas boards find challenging in the CEO succession planning process and have offered the following advice to help directors overcome these obstacles:
- Start now and embrace CEO succession planning with the right balance.
- Ensure that succession planning is rooted in the future needs of the business and base criteria for the role on the levers that will be critical to the future.
- Thoughtfully and effectively assess internal candidates.
- Assure the development of a robust succession pipeline.