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Succession Planning: A Strategic Imperative

The departure of your CEO is the most important and challenging board responsibility. Most boards don’t provide sufficient time to this critical task. A Korn Ferry survey indicates that although 90% of board members think it’s important, only 30% are prepared for their CEO’s departure.

By Stuart R. Levine | Updated on July 05, 2011

This past month, I attended a Deloitte conference hosted by their Center for Corporate Governance, including 1,000 directors across 30 locations, live from New York City. One of the most important topics and issues discussed is the board’s approach to succession planning.

The departure of your CEO is the most important and challenging board responsibility. Most boards don’t provide sufficient time to this critical task. A Korn Ferry survey indicates that although 90% of board members think it’s important, only 30% are prepared for their CEO’s departure. This increases risk and costs to the organization and results in lost investor confidence.

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