Heidrick & Struggles: Going Beyond Traditional Board Succession Planning

When it comes to filling a position, many boards replace departing board members with someone who possesses similar experiences—a CFO with a CFO. A recent report by Heidrick & Struggles finds that successful boards go beyond simply filling the vacancy. They instead engage in succession planning and look ahead to the talent implications of the company’s strategic priorities.

Leading boards understand replacing a board member will impact the company’s immediate performance. To make sure the replacement has a positive impact they often adhere to the following strategy:

• Mange foreseeable vacancies and skill sets as a portfolio
• Identify a broad range of potential candidates to address expected and unexpected vacancies
• Engage potential candidates before they are needed
• Understand the cultural fit

The full article is published on Heidrick & Struggles’ website. Read the full article.