Ultimately, a succession plan is the preparation that will allow a board to build their perfect senior leadership team over a period of time – mitigating the risks involved in a less-than-perfect hire to a critical position.
The unexpected departure of an executive can be devastating. It can have a catastrophic impact on operations, market perception and the morale of the company. Having a rigorous succession plan in place significantly reduces the turbulence of executive departures. In addition to executive succession planning, a robust plan for your board is essential to ensure continuity and efficiency.