Succession

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Ultimately, the test of a leader is how well they build the next generation of leadership, or succession. In some limited cases, we have found C-suite executives who are threatened by talented subordinates who may outshine them. When these executives make decisions to thwart or hinder the next generation, they undermine their personal credibility and damage the firm's future.

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Succession requires self-confidence that the presence of gifted subordinates is indeed a gift and not a threat. Succession requires thinking about the future requirement of the business and what the business may need when current leaders retire. It requires getting to know a broad spectrum of employees who form the future talent pool. It requires ensuring that talented potential successors have the right set of experiences that will prepare them for the future. It requires enormous political tact to determine timing of job assignments and aligned organization processes for moving targeted people into key positions. Finally, it requires systematic and candid reviews at both the executive and board level about business conditions, key positions, and possible candidates for those roles.

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