Succeeding at Succession Here's a list of ''best practices'' from companies with a reputation for skillfully grooming managers for the top job -- The CEO and the board communicate once or twice a year on who would take over in a crisis, reviewing their choices as the company's strategy shifts -- The board is deeply involved in succession -- Directors periodically review internal candidates against comparable outsiders -- All potential inside candidates meet regularly with the board, both in business and social settings -- Chief executive pay is tied to the development of succession plans -- Next-generation CEOs are encouraged to accept an outside board assignment, and get exposure to the media and investors -- The company limits the drama of succession by reducing horse races among top contenders -- The CEO nurtures a succession culture in which promising execs are given jobs intended to broaden their skills -- The company creates an executive group of several CEO candidates and makes them aware of the challenges, business plans, and strategies across the organization DATA: SPENCERSTUART Return to main story

Updated July 31, 1997 by bwwebmaster
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