C-level succession planning: 3 tips for a successful management transition
Bob Iger took over as CEO of global media giant Disney again at the end of last year – one of the biggest surprises in 2022. But the question remains as to who will replace Iger, who was responsible for the acquisitions of Pixar and Star Wars and led Disney into the streaming era, when he steps down in two years’ time.
With a view to succession planning, the question arises as to what a successful management transition can look like.
Here are 3 tips for a successful leadership transition:
- The right succession planning must start early – not just before the end of the contract
Successful succession planning begins years before the respective C-level leaves. As a rule, the supervisory board/board of directors is the body responsible for hiring a new CEO.
- Proper succession planning should not be a solo endeavour and potential candidates should not only come from your own network.
It is important that C-level succession planning is not just the responsibility of a single person, but also a group decision, as is the case with succession planning for regular managers. The focus must be on what skills and experience the candidates need to bring to the future challenges in order to successfully manage the company. Entire teams are involved in the recruitment of regular managers and candidates have to pass assessments and case studies. In contrast, appointments to the top management level are all too often made via personal networks and vitamin B. A no-go!
- Choosing the right recruitment consultancy to also consider external/foreign candidates
External, unknown candidates can only be considered with the help of an excellently networked recruitment consultancy that knows the respective corporate sector inside out. This is the only way to gain an overall view and select the most suitable candidate for the position.