The Criticality of CEO Succession Planning
Jeff Reid, Senior Vice President, Senior HR Business Partner, BOK Financial
Even though having a succession plan in place for the CEO is critical for the business’s livelihood, a 2014 report on senior-executive succession planning by Stanford University and the Institute of Executive Development found that only 25% of 20 companies surveyed indicated having an adequate pool of candidates ready to move into key C-suite positions. Less than half agreed or strongly agreed that their organizations have a formal process for actively grooming successors for top leadership roles.
The succession planning process for the CEO is normally a longer and more detailed process than other leadership positions, requiring a separate strategy. It’s success or failure will have a ripple effect throughout the organizations remaining talent and the profitability of the company. In this session, having gone through a CEO succession, and planning for another, Jeff Reid will share how to identify talent that is ready-now as well as time-line candidates within your company for the role of CEO, how they use their key values and core competencies as a guide, and the importance of building an emergency plan in case the time line of succession is unexpectedly expedited.