Kee Meng Yeo leads as vice president of global talent development at Amway, where he applies in-depth expertise in facilitating professional growth. Kee Meng Yeo focuses largely on the development and succession of senior executives, including chief executive officers (CEOs).
Despite the importance of confident leadership in a company's growth, approximately 35 percent of companies surveyed lacked a distinct CEO succession plan. Such a plan can support the smooth continuing operation of a company from the existing CEO's resignation announcement through the early days of the new executive's leadership. For this reason, the plan should be developed and in place long before the standing CEO steps down.
A proactive CEO transition plan should begin by defining the leader's role in the context of the existing company culture. This allows the transition team to then define criteria for selection and even to identify potential successors in advance of the actual process.
Similarly, the company's board of directors must clarify the steps needed for succession and identify the professionals responsible for each step. These steps range from the ongoing training of potential candidates by senior executives to the actual appointment of the successor by the board chairman.
Directors should also specify how and when to communicate news about the transition, so that stakeholders receive information from the correct sources. Plans must include a conversation with both incoming and outgoing CEOs, so that both know when the exiting professional will officially step down and hand over leadership to his or her replacement.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.