The Top Leadership positions in any company are high profile and viewed by many. Those occupying these roles should present a picture of personal and corporate competence, discretion, leadership and stability. This competence covers personal ability and character, as well as in corporate areas e.g. strategic growth, strengthening product portfolios, brand(s) and customer service.
A research study was carried out in 2013, in which the Institute of Executive Development and the Rock Center for Corporate Governance at Stanford University conducted in-depth interviews with executives and directors at 20 companies. It’s purpose was to identify succession planning and executive development practices in those companies.
- Companies do not:
- Know who is next in line to fill senior executive positions
- Have an actionable plan in place to select senior executives
- Companies plan for succession to “reduce risk” rather than to “find the best successors.”
- Roles are not defined and are often not followed
- Succession plans are not connected with coaching and internal talent development programs