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Related Experiment Videos

Ending the CEO succession crisis.

Ram Charan

    Harvard Business Review
    |February 24, 2005
    PubMed
    Summary

    The CEO succession process is failing, with high CEO turnover and poor hiring outcomes. Companies need better internal development, board oversight, and recruitment strategies for effective leadership transitions.

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    Fortune·2002

    Area of Science:

    • Business Strategy
    • Organizational Behavior
    • Leadership Studies

    Background:

    • Current CEO succession processes are ineffective, leading to high failure rates within the first 18 months.
    • Many organizations lack robust succession plans and struggle with internal development, board oversight, and external recruitment.

    Purpose of the Study:

    • To identify the systemic failures in CEO succession planning and execution.
    • To provide actionable strategies for improving CEO selection and retention.

    Main Methods:

    • Analysis of common pitfalls in internal candidate development, board supervision, and executive search.
    • Drawing on over 35 years of experience in CEO succession to inform recommendations.

    Main Results:

    • Existing CEO succession practices are inadequate, resulting in poor hiring decisions and costly turnover.
    • Boards often lack the experience and diligence required for effective CEO selection.
    • Over-reliance on a small pool of executive recruiters leads to suboptimal candidate choices.

    Conclusions:

    • Companies must cultivate deep internal candidate pools and align leadership development with strategy.
    • Boards need to actively manage succession planning and vet candidates and recruiters rigorously.
    • Effective CEO selection is an ongoing process, not a single event.

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