The Criticality of CEO Succession Planning
Lola Fong, Director, Talent Management, CIBC FirstCaribbean
The succession planning process for the CEO is normally a longer and more detailed process than other leadership positions, requiring a separate strategy. Its success or failure will have a ripple effect throughout the organizations remaining talent and the profitability of the company. This session tells the story of a CEO appointment in a global financial institution. Despite having a candidate acting in the position, and without any prior communication before a company announcement was made or involvement from the Manager of HR, a new CEO was appointed. The poorly managed communication and transition strategy led to a deleterious effect on morale and motivation for the staff, executive resignation, and a rebuilding process to repair the damage and move forward. In this session, we will learn from their experience.
We will discuss:
• How to effectively manage change in an organization
• The art of effective communication in people change management
• The powerful role of Human Resources in succession planning, people change management and leadership evolution