This week we’re picking up where we left off with our Developing a Succession Plan Series. Be sure to catch Part 1 and Part 2 as you will definitely find those helpful in the succession process. This Part 3 focusses on the actual transition and some key factors to consider to ensure a well thought out and executed succession.
Transition Issues
- Should you appoint a transition committee to oversee the transition from one Chief Executive to the next?
- What is the best way to introduce the new chief executive to the constituents?
- Will the outgoing chief executive receive emeritus status?
- What length of time, if any, should the outgoing chief executive overlap with the incoming chief executive, if that’s even possible?
Fair Treatment of the Outgoing Chief Executive Officer
- Should the outgoing chief executive on the Board of Directors or Trustees? If not, whatrole or relationship should she have with the board?
- What are the pros and cons of the board retaining the outgoing chief executive forlimited paid roles?
- Should you appoint a transition committee (separate from the search committee) to handle the transition from one chief executive to the next?
Do you have any thing to add from your own experience? We want to hear from you and hope you’ll share so that others can learn from your experience, as well! Please share in the comments.
Tommy Thomas is Lead Partner of JobFitMatters® as well as Board Member and Managing Director of parent entity SIMA® International. He specializes in cabinet-level retained executive search for nonprofit and faith-based organizations.