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Evergreen Board Succession Planning
Quite often, board succession planning consists of a member announcing to the board that he or she plans to retire next year, and the board then gearing up to find a replacement (who typically differs from the retiring director only in being a few years younger). What if, instead, your board adopted an ongoing, evergreen process of planned renewal, carefully assessing board competency and experience needs and mapping a strategy for addressing them years in advance?
Like many oversight bodies, corporate boards are slow to change by design. The board’s mandate is to take the long-term view, which is reinforced by a high level of continuity in its composition. In a less disruptive time, this approach carried little cost. Today, however, radical changes in business models, industries, customer expectations and technologies are unleashing massive shifts from which no business is immune. These changes and challenges can leave boards vulnerable and out of sync with the environment in which the company operates.
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