Implementing processes to deliver an effective succession and sustain a steady supply of leadership talent is akin to taking out a life insurance policy on an organization’s future. Unfortunately, it seems that many organizations have abandoned long-term planning in favor of a just-in-time philosophy, in which a bevy of talented successors can be identified by a quick visit to the nearest executive staffing firm. In the CEO Success study conducted by PwC’s strategy consulting business, surveys of the 2,500 largest public companies around the world showed that 22% OF CEOs HIRED IN A PLANNED SUCCESSION OVER THE PREVIOUS FOUR YEARS CAME FROM OUTSIDE THE COMPANY. That’s nearly double the rate from 2004 to 2007. Outsiders, in effect, have become more of an intentional leadership choice when in the past, they were more of a “last resort”.
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