Succession Planning: Advice for the President, the Board, and HR
Is external search the best approach? The president and the board at least have an open and honest conversation about whether to pursue succession planning, asking whether an internal successor who knows the culture and has the trust of other key stakeholders would be better positioned to take the helm and affect change. Lucie Lapovsky, president of Lapovsky Consulting and past president of Mercy College, recently spoke with us about the results of consultants Booz & Co.’s 12th annual CEO Succession Study (subscription required) released on May 30, suggesting some takeaways for higher education. Among the findings: In the corporate sector, 4 out of 5 new CEOs are hired from inside the organization, and in terms of their tenure, “inside” CEOs usually outlast outsider CEOs. What’s most interesting is why: “It takes a long time to really get to understand how a company works,” one of the consultants remarked. “Insiders have a better ability to understand how to affect change within an organization than outsiders typically do.”Per-Ola Karlsson, Managing Director of Europe, Booz & Co. Lapovsky, who has written on succession planning in higher education, suggests that this is an important finding for leaders in higher education to note. “When […]

