Choosing Your Successor

This is the 3rd in a series of five posts from a book review of Succession: Are You Ready? by Marshall Goldsmith (Harvard Business Press, 2009).

1. Choosing a Successor: Debates about whether to hire an external CEO candidate or internal candidate has filled many board rooms with endless hours of discussion. Goldsmith argues for an internal candidate, where at all possible. He does so for some very good financial and emotional reasons, all worth considering closely.

2. Evaluating Internal Candidates: Do you really want this person as a CEO? This is a key question for CEOs choosing their successor. Also, considering the critical stakeholders (the board, constituents, internal executives, clients, etc,) does the candidate have a political possibility? Or, do critical stakeholders see this person as a “jerk,” a favorite catch-all descriptor for Goldsmith, because it often fits the character being described.

Preparing Yourself

This is the 2nd in a series of five posts from a book review of Succession: Are You Ready? by Marshall Goldsmith (Harvard Business Press, 2009).

1. Slowing Down: Goldsmith uses the analogy of passing a baton in a relay race in which you the runner (CEO) have to slow down to make a good pass off. Accepting this “slowing down” is much tougher than many of us think. The roar of the crowd, the ability to make choices, to be in charge is heady wine (ego stuff), and some CEOs stay far longer than they should.

2.Letting Go: Like the song says “Breaking up is hard to do,” so is letting go. The wealth, perks, status, and power are alluring even to the most self- aware.