Succession Planning – An Industrial Organization
A diversified industrial organization approaching one billion dollars in sales had experienced significant success and rapid growth. Cognizant of the fact that this success was largely attributable to a few key executive leaders nearing retirement, the company realized it was vulnerable.
The board engaged PB&A to develop a comprehensive management succession plan to provide a foundation to position the organization for continued success.
Partnering with the client and a number of internal management succession teams, PB&A designed and implemented a process involving key executives throughout the company. First, the most critical roles for the continued success of the organization were identified. In the next steps, potential successors were recommended, evaluated, and assessed for readiness, focusing on strengths, weaknesses, and areas of required development.
The final plan provided the organization with a specific succession plan for each key position throughout the organization thus enabling the company to ensure successful management continuity and strength of leadership.