Planning for the Succession of a Chief Executive Officer Chapter

  • Length: 2 pages
  • Sources: 2
  • Subject: Business - Management Theory
  • Type: Chapter
  • Paper: #27742806

Excerpt from Chapter :

Succession Planning at Chatham Information Services, Inc.

Today, Chatham Information Services, Inc. (alternatively CIS or "the company" hereafter) is a leading provider of information technology (IT) consultancy services headquartered in Dallas, Texas specializing in human resource (HR) related issues. With 7,000 dedicated employees and offices throughout North America, Europe and Asia, CIS is well situated to take advantage of an increasingly competitive and globalized marketplace. Recently, the company's chief executive officer (CEO) announced her decision to retire within 6 months but she would remain with Chatham until they found a suitable replacement. This paper describes the succession planning procedure for the CEO position used at the company, including a discussion concerning relevant critical knowledge, skill and abilities (KSAs) of this position, a description of the selection and training process that will be used to ensure the incoming CEO possesses these KSAs. Finally, a description concerning how the selected successor will remain with the company is followed by a discussion concerning the succession planning process that will be used.

1. What are the critical knowledge, skills, and abilities (KSAs) of that position?

The successful successor to Chatham's CEA position will require advanced degrees in information technology, expertise with IT applications and the ability to effectively lead a cross-disciplinary team. In addition, the successful successor will also need the a solid understanding of recent and current trends in HR-related IT systems and what the company's competitors are doing

2. Will you select, train, or both for these KSAs?

The successful successor will be selected based on his or her possession of the educational requirements and expertise with IT applications but training can be provided if needed concerning the status of the marketplace and briefings concerning Chatham's competition (McDaniel, 2013).

3. How will you ensure your selected successor does not leave the firm?

The successful successor will be required to sign an employment contract that stipulates that although he or she serves at the pleasure of the board of directors and may be terminated at any time, he or she must remain with the company for a period of at least 5 years unless otherwise mutually agreed to by the new CEO and the board of directors.

4. What succession planning process will you use?

Although every position differs, there are several optimal steps involved in the corporate succession process that can be used for selecting a new CEO, including those set forth…

Sources Used in Document:

References

Fulmer, R. A. & Conger, J. A. (2004). Growing your company's leaders: How great organizations use succession management to sustain competitive advantage. New York: AMACOM.

McDaniel, E. A. (2013, Annual). Securing the information and communications technology global supply chain from exploitation: Developing a strategy for education, training, and awareness. Issues in Informing Science & Information Technology, 10, 313-315.

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