We understand that a change in leadership, whether through retirement, a change in control or another transaction, can hold some of the highest risk to shareholders. Many boards and management teams do not have a succession plan. Our team highlights this as a major concern, and will work with the board and management to provide best practices to help ensure the right leaders are aligned and ready when the time comes.
By introducing a formalized approach to executive and managerial succession planning, you can mitigate risks to company growth and future shareholder value. We will partner with the company to develop an effective succession plan which will include:
- Determine the types of executive leaders the organization needs in the short- and long-term.
- Align the board of directors with the company’s operations and talent.
- Develop a readiness for succession, and clear guidance for action, when necessary.
- Assist in the development of the internal candidates.
- Provide a holistic view of the internal and external talent pipeline.
- Deliver a detailed succession plan document for current and future needs.