CEO Update interviewed Karen Schuler, managing director for search, transition and planning at Raffa – Marcum’s Nonprofit and Social Sector Group, for a story about succession planning.
By Martin Berman-Gorvine
Schuler said members of the C-suite should liaise with the board so that, for example, the chair of the board’s audit committee knows what the CFO succession plan looks like. The CEO should talk to the leadership team and make sure everybody is on board with the succession plan for the top position, she added. If the chief administrative officer is designated to fill that role, he or she needs to be included in key meetings in order to know what’s going on.
“Think about it when the change isn’t happening right now,” Schuler said. “Just as organizations build good business planning muscles, they can build succession planning muscles. That can and should be part of your annual planning.”