Inside the Strategy Room 184. How to manage a successful CEO transition
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Nov 15, 2023 McKinsey experts, Carolyn Dewar, Blair Epstein, and Kurt Strovink, share insights on CEO transition planning. They discuss early planning, timing considerations, succession planning, and navigating CEO transitions in family-owned businesses. The podcast also explores the mindset of CEOs transitioning out of their roles and the value of their skills beyond their tenure.
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Board Communication on Succession
- Discuss succession planning with the board early and often.
- Make it about leadership development to avoid misinterpretations of disinterest.
Succession as Leadership Development
- Frame succession planning as leadership development to avoid internal competition.
- Create opportunities like job rotations and high-profile projects for potential successors.
Deputy CEO: Risks and Considerations
- Appointing a deputy CEO or heir apparent can be risky regarding role clarity.
- Ensure clear roles, a united front, and genuine support to avoid potential downsides.