Why so many organizations get it wrong and how to get it right
In the relentless pursuit of success and growth, few processes for companies carry as much weight as CEO succession. CEO succession isn’t just about filling a vacancy; it’s about selecting a talented successor who can ignite value creation and shape social impact. And yet, so many companies get CEO succession wrong.
Why is it so hard for companies to get CEO succession right?
Inexperience of Directors and CEOs
- Most CEOs lack experience in being succeeded, as do board members in the CEO succession process.
- The average tenure of the a director of an S&P 500 company is 9.7 years, while the average tenure of an S&P 500 CEO is 4.9 years.
Lack of Role Clarity
- The board, not the incumbent CEO, holds responsibility for the CEO succession process and selection.
- The CEO’s responsibility lies in attracting, retaining, and developing their successor, emphasizing talent development.
Looking in the Wrong Direction
- CEO succession concerns the future of an organization.
- Despite advanced technology, uncertainty remains about future outcomes.
Drawing from decades of executive recruitment and advisory expertise, Managing Partners Rich Perkey and Dave Winston provide comprehensive guidance to support you as you embark on and navigate this critical process. Gain insights and strategies tailored to maximize the benefits for all stakeholders involved.
Download The CEO Succession Playbook to learn how to:
- Avoid CEO succession mistakes
- Clarify your goals and success
- Pick the right search partner
- Determine assessment criteria and panel interview tips
- Make the CEO selection and ensure a smooth transition