Last year I decided it was time to shake things up at our investment management company. After 12 years as president and then CEO, I thought it was time to shift some of my responsibilities to my partners.
How One CEO Prepared Her Organization for Her Retirement
She started shifting responsibilities to her team five years in advance.
August 07, 2018
Juj Winn/Getty Images
Summary.
Research suggests that organizations and their boards are poorly prepared for CEO transitions. The most common transgression is procrastination in charging the next generation of managers with more responsibility. Not only are CEOs reluctant to pass on key functions that they consider essential elements of their own identity, but their boards have difficulty pushing for these necessary changes. When the CEO does depart, companies find themselves lacking leaders who are experienced in critical aspects of the top post. One CEO describes her efforts to shift some responsibilities to her direct reports and to find valuable new ways to spend her time.