In this episode of Build Better Boards, hosts Dr. Keri Jacobs and Richard Fagerlin examine how boards can keep CEO-succession plans alive and relevant. They distinguish emergency “hit-by-the-beer-truck” scenarios from long-term leadership development, and explain why creating a forward-looking CEO “avatar” helps boards hire the right leader when the time comes.
Differentiate an emergency response plan (short-term stopgaps) from an evolving succession framework focused on strategic needs.
Review practical steps for keeping successor lists and processes up to date—and why boards should revisit them at least annually.
Build a CEO “avatar” by gathering input from stakeholders on future skills, behaviors, and experiences rather than copying the outgoing job description.
Watch for biases that overweight recent performance or single metrics; use a balanced-scorecard mindset when evaluating candidates.
Develop internal talent broadly while managing expectations, recognizing that high performers may still need outside exposure to become enterprise-level generalists.
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