As an executive recruiter with Korn/Ferry, Dennis Carey has had years of experience helping companies to recruit new CEOs. He offers important advice to businesses, CEOs and executives about creating smooth CEO succession. Here, we offers 5 of his ten most important business practices.
Dennis Carey Key Practices
Certainly, in order to make CEO succession smooth, the company needs to have a strong and involved board. Top management should continually be exposed to the board and there should be ongoing communication between the two.
More Business Advice with Dennis Carey
The next generation of CEO prospects needs to get a great deal of experience with outside boards, with the media and with the financial community. The executive or operating committee needs to be actively involved so that they are exposed to an overview of the company including its strategy and issues.
Finally, he recommends that the company does succession planning on an on-going and real-time basis.