Dennis Carey is an esteemed executive recruiter who has authored three books about best business practices and who helps companies with, among other things, their CEO succession plans. He offers 10 key tips to help companies create smooth transitions when one CEO leaves and another arrives. Here, we will touch on five of Dennis Carey’s 10 recommended tips.
Dennis Carey Key Practices
When undergoing a CEO succession, Dennis Carey urges companies to take the human drama out of the process as much as possible. Certainly, this entire process is very difficult on the number two people in the company, and the less drama that there is, the better off everyone in the company will be.
Business Advice with Dennis Carey
Tie some of the CEO’s compensation to succession planning and progress so that the current CEO will feel responsible for helping with the smooth transition. Pay your directors in stock and let them know that you expect them to make additional investments in the company’s shares.
Finally, the last two tips include calibrating the internal candidates together with the external ones and developing a culture within the company that encourages succession.
