The Next CEO: Could It Be You?
Do you know the name of your company’s next CEO? What about successors for the positions of CFO, Marketing and Sales? Does your company have a succession plan in line when needed -- one that’s not gathering dust?
According to the National Association of Corporate Directors, approximately 50% of companies have no formal succession plan. And considering CEOs are retiring at a younger age, that is cause for concern. Booz Allen Hamilton reports that “17.5% of CEOs who retired in 2004 were 55 years old or younger.”
So where can you begin looking for your next CEO? Chances are, you might be growing them in your own backyard. “Every large organization could have the next seven CEOs on board today…the average global tenure of CEOs is 7.6 years, and, because of natural age gapping, there are potential CEOs in every age and experience category, down to the newly hired summer intern. That means there are potential CEO candidates who are now 52, 48, 36, 30, 24, and 18.” Given the fact that every company, no matter the size, faces employee turnover, your best bet is to start looking now and have multiple individuals in mind when examining potential successors for your C-level roles.
Not sure where to start when identifying top talent within your organization? The H.S. Group offers comprehensive succession planning assistance as you assess the future of your company.
Do You Know Where Your Next CEO Is?
Posted by Shelly Paul, Career Management Coordinator, The H.S. Group
According to the National Association of Corporate Directors, approximately 50% of companies have no formal succession plan. And considering CEOs are retiring at a younger age, that is cause for concern. Booz Allen Hamilton reports that “17.5% of CEOs who retired in 2004 were 55 years old or younger.”
So where can you begin looking for your next CEO? Chances are, you might be growing them in your own backyard. “Every large organization could have the next seven CEOs on board today…the average global tenure of CEOs is 7.6 years, and, because of natural age gapping, there are potential CEOs in every age and experience category, down to the newly hired summer intern. That means there are potential CEO candidates who are now 52, 48, 36, 30, 24, and 18.” Given the fact that every company, no matter the size, faces employee turnover, your best bet is to start looking now and have multiple individuals in mind when examining potential successors for your C-level roles.
Not sure where to start when identifying top talent within your organization? The H.S. Group offers comprehensive succession planning assistance as you assess the future of your company.
Do You Know Where Your Next CEO Is?
Posted by Shelly Paul, Career Management Coordinator, The H.S. Group
posted by The H.S. Group at
8:55 AM
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