Succession Planning

"Ending the CEO Succession Crisis."

This piece from the Harvard business Review suggests that the CEO succession planning is in crisis. The author claims that most companies do not have anyone in the succession line to fill the positions of the quickly retiring CEO. Due to the lack of resources in the CEO succession line the many leaders are given the title of CEO before they are ready which leads many leaders to fail. Poor succession planning leads to poor performance, which intern leads to higher turnover rates and ultimately corporate instability. The article offers some suggestions on what to do in this succession crisis and how to prepare future CEOs. The article suggests that organizations identify prospects early in their careers in order to get to know them personally and professionally. It is recommended that businesses start their succession planning immediately so they can have successful leaders follow in the footsteps of their CEOs.

Charan, Ram. "Ending the CEO Succession Crisis." Harvard Business Review on Point (2005): 1-12.