Succession Planning at Firms with Founder CEOs
Bloomberg News quotes Russell Reynolds Associates' CEO Clarke Murphy on succession planning strategies at firms with founder CEOs.
A founder’s exit creates leadership-transition questions unique to young companies, said Clarke Murphy, CEO of executive search firm Russell Reynolds Associates. Not only must the board pick a new leader, directors must assess whether their historic direction still works, Murphy said.
“Often, even after a successful reign of an iconic CEO, the future of the company needs to change,” said Murphy, who is based in New York and has advised on director or CEO searches at Wells Fargo & Co. (WFC), UnitedHealth Group Inc. (UNH) and MasterCard Inc. (MA).
Read the full article on Bloomberg.