Inside CEO Succession by Thomas J. Saporito

Author:Thomas J. Saporito
Language: eng
Format: epub
ISBN: 9781118218037
Publisher: Wiley
Published: 2012-07-09T00:00:00+00:00

Crisis Strikes!

In the event of the sudden departure of a CEO, the best of all circumstances is to have a capable and proven successor ready to step in and move the company forward. An interrelated series of officer and executive successions will most likely also take place, almost simultaneously, with capable leadership stepping in to each position. A company spokesperson delivers a calm and confident message to employees, key constituents, investors, and the public that “things are well in hand,” heading off potential damage to the company and reputation of the board, and protecting the interests of shareholders. The board and company appear as a genuinely unified team to employees, customers, and investors alike.

If no successor is ready to step in, or the “ready” successor cannot serve for some reason, the board selects the interim leader from a short list of internal candidates confirmed just months ago. The spokesperson conveys the same message that the company is maintaining its heading, is confident in its interim CEO, and will soon name a successor. In the background, there are different emergency procedures underway—scenarios already thought through as internal candidates undergo final assessments or the board approves a formal external search among the talent it's been benchmarking for over a year.

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