Forbes recently posted an article featuring insights from Professor of Management & Organizations Fred Foulkes. Fred provided expertise on the necessity of preparing CEO succession plans.
“Boards should dedicate time in their meetings to identifying suitable candidates and creating contingency plans. Long-term, they must also establish a process for management development to ensure that the (internal) candidates they identify for the succession plans are properly trained.”
This article outlines the importance of CEO succession and the organizational crises that arise if successions are not handled appropriately.