CEO Selection: A Framework for Success
Family Business Magazine (FBM) features Clarke Murphy on CEO Succession
Managing the CEO succession process and ensuring a strong executive team are the ultimate board responsibilities. And while all succession and team-building processes are complex, certain CEO succession and executive hiring scenarios are especially challenging. One such scenario is that of the family-controlled firm that has decided to conduct an external search for a CEO or other senior executive.
This hiring process may represent the first time a non-family CEO takes the helm of the firm, a division or a function. Or it may be that family members relinquished managerial control decades ago but remain shareholders today. In either case, the presence of family dynamics, history, culture and expectations provides an additional layer of complexity to the senior executive hiring process.
Contrary to common perception, within this complexity, there also is an opportunity to tap into a positive family force at a critical time of transition. To do so, boards, along with family member managers and/or shareholders, must approach the succession task with an analytical mindset and process that balance the strengths and needs of the company, the level of involvement of the family, current business imperatives and the emotional backdrop against which the transition is occurring.
Read the full paper: CEO Succession in the Family-Controlled Firm
Russell Reynolds Associates
Leadership for a Changing World. In today’s global business environment, success is driven by the talent, vision and leadership capabilities of senior executives.
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