After working hard for many years, CEOs certainly don’t want to leave their legacy up to chance. With some advance planning, associations can avoid common pitfalls in the CEO selection process, significantly improve the search committee’s understanding of what factors to consider, and dramatically reducetheir risk of making a hiring mistake.
Every organization will experience an executive departure at some point. A leadership change always poses challenges, but how much disruption it causes depends largely on how well the transition period is anticipated and managed. The process will proceed much more smoothly if the association—in particular, the board of directors—has developed a strategy for executive change to help mitigate the downside risk of being caught unprepared.
Often, executive vacancies are planned, as when a CEO takes a new job, goes on sabbatical, or retires. In these instances, an executive typically will remain in the position for a time to help the board of directors navigate the transition process. When executive vacancies are unplanned, such as terminations or death, the board of directors is left to figure it out on their own.
Planning for succession helps key stakeholders, including the board, search committee, and association staff, to understand roles and responsibilities in the transition. Here are a few tips for navigating an executive succession and preparing for the executive selection process. (Full Article Here)