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Lifecycle of the Emperor Penguin in Chinese, designed by Zina Deretsky, National Science Foundation, Arlington V.A. (Source: Wikimedia Commons)

Seven Key Steps to Effective Succession Planning

Idea posted: October 2014
  • Leadership & Change
  • Learning & Behaviour

Strong leadership is key to the success of a company, yet most companies do not have an actionable succession planning process in place to replace departing CEOs or key C-Suite executives. The solution: to craft succession plans closely tied to coaching and internal talent development.  

Idea #452
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Richard Long, Edward G. Robinson, Loretta Young, Martha Wentworth, Orson Welles, Philip Merivale, Byron Keith, in The Stranger, 1946, directed by Orson Welles (Source: Wikimedia Commons)

Succession Planning: Boards Need to Know Their Senior Managers

Idea posted: October 2014
  • CSR & Governance
  • Leadership & Change
  • Learning & Behaviour

When a CEO leaves, his or her successor will be chosen from among internal and external candidates. Research shows that a board of directors will know surprisingly little about internal candidates, since directors have minimal interaction with executives below the CEO level — often limited to formal board presentations. Effective succession planning requires directors to become more directly involved in the organization’s talent development program.

Idea #443
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Lion tamer in cage with two lions, a lioness, and two tigers.  Chromolithograph, Gibson & Co. (Cincinnati, Ohio), published c. 1873 (Source: Wikimedia Commons)

Coaches Needed to Help CEOs and Senior Managers

Idea posted: September 2014
  • CSR & Governance
  • Learning & Behaviour

Nearly two-thirds of CEOs do not receive any coaching or leadership advice from the outside (e.g. from mentors, coaches or consultants), says a Stanford survey on executive coaching. Yet the CEOs would welcome the help. The survey shows that nearly 100% would welcome outside advice and coaching — especially on issues such as sharing, leadership delegation, and conflict management — the major developmental areas of concern for CEOs.

Idea #442
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Holy Roman Emperor Charles V, enthroned over his defeated enemies, Giulio Clovio, mid 16th century

What Boards Think of CEOs

Idea posted: September 2014
  • CSR & Governance
  • Leadership & Change
  • Learning & Behaviour

The greatest weakness of CEOs is their lack of people management and talent management skills, according to a Stanford Graduate School of Business survey of Boards of Directors. However, the directors themselves must shoulder part of the blame: the survey also shows that when evaluating their CEOs, boards place significantly more value on financial metrics than any other factor. 

Idea #439
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