CEO / Board Succession planning
One of the greatest risks to a company is when a CEO or vital board member departs...
Wyman Bain has 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 not only maintain but also realise the organisation’s business plans.
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 has 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).
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 are experienced in expertly identifying and attracting the best potential candidates from the widest pool of individuals as well as providing comparative benchmarking.