A multinational client CEO has been planning to resign for three years in a row, but every time the topic came up, the board persuaded him to continue for another period, saying a succession plan would be finalised before he could hang up his boots. This year was finally meant to be his year of freedom from the company, but the pandemic hit. And now the board just doesn’t feel a new person can succeed him during this turmoil.
C-level succession planning has long been inconsistent among corporations worldwide and even in large local companies, it is often vague and reactive. In some cases, the talent planning and development for top roles are well in place, but what is missing might be the chief executive succession plan. In your organisation, how current and actionable are your emergency succession plans? The coronavirus crisis has shaken up a lot of certainties about how effective executive succession planning really is. Are your plans in jeopardy because of the pandemic?
Here are a few questions you can ask yourself to find out:
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