Costs mount quickly when any CEO departs without an obvious internal replacement. The seven-figure severance package and six-figure retainer for an executive search firm are just the beginning. These costs pale in comparison to the less visible costs. Turmoil and uncertainty at the top filter quickly down through the organization, slamming the brakes on growth initiatives, hindering the closing of vital deals, and causing some valued employees to start looking for new positions elsewhere. Our challenge was to deliver a robust CEO succession process for a large multi national organization that would ensure delivery on revenues, earnings, and stock price through the succession.
Our highly orchestrated and systematic approach included lock-step alignment with Board of Directors and existing CEO. The talent architecture and system that we developed ensured vitality of the internal talent pipeline from contingency to 5-7 years of succession candidates.
A rigorous and confidential process that involves the right stakeholders and enables great decisions
Precise understanding of the critical leadership qualities essential to the future success of the organization
Rich, accurate assessment of internal candidates and their development needs Progress, tracking
The opportunity to have in-depth knowledge of/dialogue with the most accomplished and sought after executives
Excellent judgment about the future requirements, cultural fit,, supported by scientific data assessment
Effective on boarding and coaching for new CEO to ensure success based on first 100 days of planning
The successful CEO transition ensured continued confidence from Board of Directors, Shareholders and Employees. The incoming CEO was able to take advantage of robust talent framework and rich talent pipeline resulting that was developed over the prior 5-7 years.