Spencer Stuart: CHROs Role in CEO Succession Planning
In this piece from Spencer Stuart, the importance of the chief human resources officer in the process of CEO succession planning is explored. While the ultimate responsibility for the selection of a new CEO lies with the board, both the CEO and CHRO should be preparing the next generation of leadership for possible future placement. Along with working with the CEO, the CHRO also has a responsibility to assisting the board in the process. Finding the right balance between both of these roles can be challenging.
Spencer Stuart offers five recommendations to CHROs to help in balancing their responsibilities to both the board and the CEO and managing a smooth overall process:
- Be the authority on a best-practice process
- Informed independence: Avoid the advocacy trap
- Advise and support the CEO
- Manage the other constituencies
- Position the new CEO for success