Succession Planning is the key to business continuity. A perfect example is how Hasbro appointed interim CEO Rich Stoddart, an independent board member, to ensure business continuity. It was the consequence of the death of CEO Brian Goldner in October 2021, shortly after he took indefinite leave, citing medical reasons. It was challenging for the company as Hasbro, the toymaker, was battling industry-wide supply chain issues. When any CEO joins the company or takes this crucial position, they aren’t thinking about who will continue in this position after they leave the company.
Standard and Poor’s 500 CEOs have a median age of 58 years, which makes many executives more prone to Covid-19-related illness. It’s no wonder that inquiries from companies around the world focus intensely on best practices in running a “quick” CEO succession process. Organisations must ensure succession planning for all key roles to manage temporary unavailability in an emergency like the pandemic.
Emergency Succession...
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