Imagine if, overnight, your CEO left the organization, how would your organization ensure continued success going forward? What about the other critical roles on your team, how would you manage with the loss of their experience and knowledge? It’s a frightening thought for most business leaders which is why organizations are taking a more proactive approach to succession planning.
Leadership is such a vague concept. When we hear the word we think of charismatic individuals, great generals, engaging politicians, or renowned business people. We generally think of people situated at the top of an organization who attract attention to their accomplishments. And, as of late, the topic of leadership is often discussed in the context of succession and looming leadership gaps.
Boards are as diverse as the organizations they serve. However, there are a number of common challenges boards face including an evolving regulatory environment, increasing role complexity and rising demands for transparency and social responsibility. As the expectations of boards increase, so too does the importance of ensuring that your board is up to the challenge. In our experience, there are six critical steps to building an exemplary board for today’s challenging board rooms.
Insights for enhancing CEO succession through a stronger board leadership
By: Courtney Pratt, Chairman, Knightsbridge Human Capital Solutions and Audra August, Principal, CEO Succession & Advisory Services
White Paper: Authored by Knightsbridge Human Capital Solutions and the Clarkson Centre for Board Effectiveness, in partnership with the Institute of Corporate Directors.
She has your common sense and drive for achieving results, and her mother’s sound judgment about people. But is she the right candidate to lead your business to future prosperity? He has worked with you for years, sticking with you through tough times and contributing to your successes. But does he have the right experience to take over the reins?