leadWell

Plan ahead for smooth leadership transitions.

A principal accountability of your board is to ensure that the organization has effective executive leadership at the top, a responsibility that is all the more critical considering that CEO turnover is the highest it’s been since 1981. Even so, surveys indicate that few boards maintain updated plans for CEO succession.

A well thought-out succession plan includes job specifications with desired CEO qualities tied to the strategic plan, CEO performance expectations, and key performance indicators used to measure both organizational performance and for inclusion in the CEO compensation equation. The succession plan should also include the necessary skills, qualities and characteristics required of the organization’s chief executive, a clear step-by-step process for selecting a new CEO, analysis of issues and challenges that may be encountered during an executive transition period, and an emergency plan to be undertaken in the event of a sudden and unexpected loss of the chief executive.

LeadWell includes customizable resources for hospital and health system board to develop and carry out a well thought-out CEO succession plan, whether the transition in leadership is an anticipated retirement or an unexpected event.