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Egon Zehnder International in the News

Boards: succession planning for lasting success
Directors and Boards

Boards need to focus on finding their own replacements, writes George Davis, Global Co-Leader of the Board Consulting Practice  of Egon Zehnder International, in Directors and Boards. With directors now expected to play a more active role and take on greater responsibilities, contributing strategic wisdom and even restructuring experience, finding suitably skilled candidates is no easy task, Davis adds. In his view, boards should begin by assessing their own competences and expertise, and go on to identify potential skill gaps as the company’s strategy evolves. Farseeing boards will even widen their search to include requirements that cover unexpected events and will examine a potential candidate’s fit with the board. According to Davis, adopting this kind of rigorous, proactive approach to board succession definitely pays off in the long term. “As boards go through succession planning, they become far more conscious of their collective capabilities, responsibilities, strengths, and what they require for success. In the process, they not only ensure that they will have the right colleagues in the future but they make themselves better boards in the present,” Davis concludes.
Full story. George Davis: “Board Succession Planning: Maintaining Board Strength” (pdf-link) in Directors and Boards Boardroom Briefing (Spring 2009).
For more information, please read "Benchmarking – The Misunderstood and Underused Key to Great CEO Succession Planning", by George Davis and Justus O'Brien.
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