Dennis Carey, executive recruiter at Korn/Ferry International, understands that the process of selecting a new CEO is very complicated.
In an article, he wrote:
“A company would do well to establish parallel approaches to succession. Insiders often get the corporate top job- in fact, more than 80% of the current Fortune 100 CEOs were selected from within the companies’ ranks- yet the high turnover among CEOs is testament to the frequency with which companies pick the wrong insider. A set of parallel approaches allows a company to gather comparable data about internal candidates, with each process filling the informational gaps left by the other.”