Earlier this month, Massey Henry hosted a roundtable discussion exploring the CHRO's role in strengthening CEO succession planning.
Bringing together Chief Human Resources Officers (CHROs) and senior People & Culture leaders from the Massey Henry network, the discussion explored the CHRO's role in strengthening CEO succession planning, with a focus on fostering alignment among the board, incumbent CEO, and broader executive team.
Read key takeaways and insights from the discussion below.
Key Takeaways
1. Succession is a continuous process
CEO succession planning requires ongoing attention, regardless of when a transition is expected. Adjustments must be continually made based on sociopolitical environments and industry related technological advancements.
2. Approaches vary across organizations
The process should reflect each organization's governance structure and leadership requirements.
Internal Leadership Considerations
Transparency varies
Organizations differ in how openly potential internal successors are discussed with the CEO, the board, and the executive leadership team.
Development requires intention
Potential successors should be given opportunities to broaden their leadership experience and exposure across the business.
Appointments have wider implications and impact
Selecting one candidate over another can affect leadership team dynamics and the retention of other high-potential executives.
Board Considerations
Ongoing engagement is important
Boards should remain engaged with strong prospects over time to build familiarity with their capabilities and readiness.
Board structure shapes the process
Board size and composition can influence the perspectives brought to succession planning and the ability to build alignment around the next CEO.
Developing the CEO leadership profile
The CEO profile should evolve
Evaluate what the ideal CEO profile should be annually to reflect changing priorities, the organization’s stage of development, and the strengths of its existing leadership team.
Executive success does not necessarily mean CEO readiness
Enterprise-wide leadership, strategic judgment, and cultural fit are key considerations when assessing potential successors.
About Massey Henry
Executive Search, Coaching, Assessment, and Advisory Services
Ranked among Canada’s Top Growing Companies by The Globe and Mail and named one of Canada’s Best Executive Recruiting Firms by Forbes, Massey Henry is one of North America’s leading executive search and board advisory firms focused exclusively on the financial services sector. With an experienced team of former industry leaders and talent management specialists, the firm combines innovative technology with in-depth sector expertise to provide clients with full-scope executive search, talent assessment, coaching, and leadership advisory services.
Michael Henry
Managing Partner, Massey Henry
John Sanders
Senior Partner
Jeff Hauswirth
Senior Partner, Board & CEO Services
Lisa Newey
Partner