Roadmap for successful succession planning

Leadership transition from one CEO to the next is a risky event. Historically, the risk was addressed through the anointing of a successor by the incumbent CEO. Once that successor was identified, a great deal of time was invested in making sure he or she was ready at the right time. What does a best practices succession planning process look like? The process involves four steps: 1. analysis and planning, 2. candidate development, 3. search and selection, and 4. managing the transition. Handoffs from one leader to the next are tricky because of the complex nature of the position, the dynamic nature of companies, and the politics and intrigue that surrounds them. For that reason they represent a time when the company is vulnerable. By crafting a thoughtful, strategic approach to succession, the board fully addresses its governance responsibilities and sets the new leader on a successful course.