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.

Russell Reynolds Associates is a leading global executive search and assessment firm with more than 300 consultants based in 40 offices worldwide. Our consultants work closely with public and private organizations to assess and recruit senior executives and board members to drive long-term growth and success.

Our in-depth knowledge of major industries and our clients’ specific business challenges, combined with our understanding of who and what make an effective leader, ensures that our clients secure the best leadership teams for the ongoing success of their businesses.

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CEO Selection: A Framework for Success