The role of the board and the CEO in ensuring business continuity (senior manager succession management)
Article Type: Abstracts From: Human Resource Management International Digest, Volume 19, Issue 3
Conlon R. and Smith R.V.Financial Executive (USA), November 2010, Vol. 26 No. 9, Start page: 52, No. of pages: 4
Discusses the increasing attention being paid to succession management, the practice of carefully identifying and selecting talent to succeed incumbents in a company’s critical roles, particularly in response to activist shareholders’ demands to know how the organization will change directions when the change in top management takes place, and the need by institutional investors to assess the thoroughness of succession management as a criterion of investment decisions. Stresses that succession planning is something that needs to applied to many other management positions, not only to the top positions. Outlines the role of the board of directors and the role of the chief executive officer (CEO). Lists and describes the six key steps involved in the succession management and planning process, namely: defining the role requirements;assessing the candidates and providing them with feedback and coaching;measuring the progress of internal candidates; generating an external candidate pool (if needed); re-assessing candidates and making a selection; and providing leadership development and conducting talent reviews. Concludes with a series of tests that can be applied to determine whether an organization is effectively managing succession as a critical business tool.ISSN: 0895-4186Reference: 40AA499
Keywords: Management techniques, Succession planning, Senior management, Management succession, Business continuity, Directors,Organizations, United States of America
