IROs and CEOs: Are You Prepared to Handle the Changing of the Guard?
Given the rate of executive departures these days, one would think that CEOs’
offices are equipped with revolving doors or that somebody has declared open
season on them.
So what does this mean to you? At some point in your career, you will be charged
with announcing the departure/retirement of your corporate chieftain and the
coronation of his successor. Planned successions are relatively easy whereas
those that are somewhat contentious require skill as you seek to minimize fallout
and preserve your company’s reputation.
In addition to a succession plan, companies need to have a communications
program in support of a CEO transition — either planned or unexpected. Careful
planning is essential to insure that the transition is smooth and that all
of the company’s constituencies are addressed. Here are some insights into
the process: