Succession Planning

Heidrick & Struggles’ recent article discusses how boards can make a habit of emergency succession planning to ensure that they have a robust plan in place. 

Russell Reynolds Associates sat down with Michael Treschow, chairman of Unilever. In the interview Michael Treschow discusses the role of the chairman in the succession process.

There is always cost associated with uncertainty. That is especially true when it comes to managing a change in leadership. In a recent article, TRANSEARCH addresses how succession impacts performance.

Change is inevitable and it will affect every organization. While many organizations have succession plans in place, this does not mean they have a viable replacement for the departing executive. MERC Partners found that 6 in 10 participants said their company had a succession plan, but 80% said their company would need at least a year to find their replacement.

In a recent report Spencer Stuart finds that when it comes to hiring, it can take several months and significant resources. Yet, onboarding does not receive the same level of effort as the hiring process. This trend is not only common but costly, 40% of the executives who change roles or get promoted fail in the first 18 months.

The influence of family-controlled firms has been increasing globally.  It is estimated that family businesses create 70- 90% of global GDP. In a recent article, Russell Reynolds Associates find several factors family-controlled companies must consider during the succession process.