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One of the greatest risks to a company is when a CEO or vital board member departs...
Wyman Bain, however, have a highly skilled team that can help you adequately plan for this. We are experienced in helping companies establish a plan to create an effective and reliable succession strategy. We work closely with the full Board, including the Chair to identify individuals – both internal and external, with the ability to fulfil and not only maintain but also have full understanding of the organisation’s business plans.
Preparing for the future
In addition to promoting diversity in its broadest sense, succession planning is about making sure that the right people are in place to carry out the strategy that the board have approved.
The succession plan is important for evaluating training and development requirements and keeping talent management linked to the company’s future needs.
The plan should also be a key tool for the nomination committee in its aim to ensure the maintenance of a balanced, appropriately skilled board. It should be considered as part of the annual board evaluation in the context of the board structure, refreshing the team and development needs.
If the strategy is set for at least the next 3-5 years, it is common practice that the succession plan should seek to build the skills needed to take the company forward in that timeframe (be that ‘core’ technical skills or ‘soft’ skills).
Why Succession Planning is Mission-Critical?
- Leadership transitions are among the riskiest moments for any organisation. Without a robust plan in place, companies often suffer from strategic drift, loss of stakeholder confidence, and reduced operational effectiveness.
- A carefully designed succession plan not only safeguards continuity, it becomes a tool for strengthening governance, enhancing diversity, and aligning leadership with future challenges and opportunities.
- In volatile markets, having a pool of high-potential internal talent and a strategy to attract external leaders offers a competitive edge. It means you’re not reacting under pressure , you are proactively ready for change.
What We Bring to the Table?
1. Bespoke Board Mapping & Talent Benchmarking
We don’t believe in “one-size-fits-all.” Using data, market intelligence and comparative benchmarking, we help you understand where your board and C-suite stand in relation to competitors, sectors, and future trends.
2. Internal & External Talent Integration
We ensure your plan considers both internal successors and external candidates. This allows you to retain institutional knowledge while bringing in fresh perspectives.
3. Skills Gap & Development Roadmap
Our planning goes beyond naming individuals. We identify the skills (technical, leadership, behavioural) required over the next 3-5 years, and help design development plans to prepare those leaders.
4. Transparency, Accountability & Governance
We support the roles of the Chair, Nomination Committee, and oversight bodies to ensure the process is rigorous, visible and auditable. This ensures decisions are trusted and defensible.
5. Diverse & Inclusive Leadership
Diversity isn’t only about representation, it’s about resilience. We help you consider gender, ethnicity, regional, industry and experience diversity to ensure your board is equipped for both current and future demands.
Finding the best candidate for the job
It is important not to forget that a key hire should be made on merit and follow a ‘rigorous, open, visible and transparent’ procedure. External candidates should be considered, as well as internal applicants benchmarked against them. It is imperative for an organisation to have the correct individual for the role, whether internal or from outside the business.
Our board team is experienced in expertly identifying and attracting the best potential candidates from the widest pool of individuals as well as providing comparative benchmarking.
Our Succession Planning Process
| Stage | What We Do | Outcome |
|---|---|---|
| Discovery & Strategy Alignment | Work with the full board (especially the Chair) to understand strategic goals, culture, values, risks and desired leadership profile. | Clarity on what future leadership looks like. |
| Talent Audit & Mapping | Evaluate internal talent, map external potential using market research, benchmark compensation, experience and leadership styles. | A robust picture of available candidates and gaps. |
| Plan Design & Development | Define succession plans with timelines, risk-mitigation strategies, development paths, and interim cover where necessary. | A detailed, actionable roadmap. |
| Implementation & Monitoring | Support with leadership development, mentorship, coaching. Periodic review and adjustment of the plan (annually or biannually). | Succession plan that evolves with the organisation. |
Benefits Clients Can Expect
- Reduced leadership vacuum risk during CEO or board member departures.
- Greater clarity and confidence for stakeholders, investors, employees, partners, when leadership transitions happen.
- Stronger bench strength and internal retention, because high performing talent sees a clear path forward.
- Improved corporate governance and reputation. Boards that plan tend to be seen as more stable and reliable.
- Ability to respond to change, new competitor threats, M&A, regulatory shifts, with leadership who are ready.
Call to Action
If you want to ensure your leadership pipeline is resilient, credible, and future-oriented, let’s partner to build a CEO/Board succession strategy that delivers leadership continuity with strength and clarity.
Contact Us today to discuss your current succession planning strategy, or to begin building one with confidence.
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