Spencer Stuart: The CEO's Role in the Selection Process of Their Replacement
With the board holding full responsibility when it comes to selecting the new CEO of an organization, the valuable insight the exiting CEO may be able to provide can often be forgotten. During their time at an organization, one of the focuses of CEOs should be succession planning, including for their own position. Therefore, at the time a CEO plans to leave a company, not only are they familiar with what specific qualities are important for success within that particular organization, but the exiting CEO may have insight as to who within the company could be a valuable candidate for the role. However, navigating the involvement a board may want in the selection process can be tricky.
With the above in mind, Spencer Stuart has developed a guide to help CEOs determine their involvement in the selection process:
- Be proactive: Make sure planning begins well before you anticipate leaving.
- Support a best-in-class talent development process.
- Recognize when it’s time to step back from the process.
- Give successor candidates room to grow.
- Remember, how you leave is part of your legacy.