Q What companies would you hold up as examples of succession planning done right?
A It's sad to say, but that question would be a lot easier to answer if it asked for examples of succession planning done wrong. That trend is gaining such ground these days it's alarming.
For instance, Citigroup and Merrill Lynch recently lost their chief executives, and it quickly became obvious that neither company had a successor in the wings. How could such a thing could happen?
But many examples of outstanding succession planning do exist, such as Johnson & Johnson, Goldman Sachs, Microsoft and Caterpillar. Indeed, research shows that well over 50% of companies typically promote their CEOs from within. Such companies obviously understand one of the most fundamental tenets of business: a well-crafted succession plan vastly minimises disruption when any CEO leaves, expectedly or not.
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