CEO Succession Planning
CEO succession planning is a board’s ultimate responsibility. Russell Reynolds Associates works with CEOs and boards to create a succession strategy and to evaluate and help implement existing succession plans for a seamless transition.
A Systematic Approach
Executive vacancies can be planned or unplanned; in either scenario, by the time a CEO succession plan is needed it is far too late to start building one. A smooth transition is essential to maintain the confidence of investors, business partners, customers and employees, and provides the incoming CEO with a solid platform from which to move the company forward at a critical point in its history. Because of this, boards must make CEO succession planning a priority, even in the face of more immediate and tangible issues.
Russell Reynolds Associates advises CEOs and boards in all sectors on their succession planning needs and provides the following:
- Evaluation of the current succession plan to ensure that it includes a regular review of CEO position requirements, and adequate written guidelines, recordkeeping and emergency succession procedures
- Evaluation of the current leadership pipeline, including external benchmarking
- External CEO search and assessment, if needed.
Meeting Change with Confidence
When it is time for the succession plan to be implemented, we work with the board to conduct a multidimensional assessment of internal and external finalists and benchmark them against external candidates to ensure that the board is selecting the best possible candidate for the position. Once a finalist has been chosen, we help the board and the incoming and outgoing CEO develop a transition plan so the new CEO is on solid footing with the board, employees, investors and other stakeholders.