Forbes: With so many CEO’s making a quick exit, it’s more important than ever to have a succession plan in place well before you need it. Here are some thoughts about what the board should be doing before a replacement is needed.
How often should the board be looking at the executive leadership?
At a minimum, the board needs to be thinking about what type of leadership the company needs on an annual basis. The velocity of change is so fast today that many companies have instituted a multi-day offsite as part of that forward view of strategy in the competitive landscape. A high-functioning board is continually probing to get an external view of the competitive dynamics that are impacting the company’s performance. The obvious next piece is to look at current and future leadership and map it against the expected future competitive dynamics. Is your company under assault? Or is the priority profit growth through operational efficiencies? You need to have a clear picture of the companies five year plan and future strategy in order to properly forward hire and fill the skill gaps of your current executive team.