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CEO succession
Carey, Dennis.
Personal Author:
Publication Information:
Oxford [UK] ; New York : Oxford University Press, [2000]

Physical Description:
x, 205 pages ; 24 cm
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HD38.25.U6 C37 2000 Adult Non-Fiction Central Closed Stacks

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Whether precipitated by sudden tragedy, CEO performance issues, or a key executive simply going elsewhere or retiring, succession planning has become a front-burner issue in corporate boardrooms across the country. For board members, CEOs, and anyone concerned about the quality of governancein corporate America, CEO Succession fills the need for a practical, best-practices roadmap that puts the board of directors squarely at the helm as the guiding force for ensuring the steady flow of effective leadership. Authors Carey and Ogden draw on personal interviews and their own behind-the-scenes work with the CEOs and directors of some of the leading companies in the world to articulate the field-tested strategies and techniques boards need to create a systematic and transparent planning process thatpromotes a seamless transition of leadership at every level in the organization. With an up-close look at such companies as Metropolitan Life, Hewlett-Packard, Mellon Bank, and GTE, CEO Succession shows how to put in place the key elements essential in the succession planning process: establishand sustain a reliable succession agenda and timetable; implement a self-renewing succession culture that develops leaders at all levels of management; create a healthy relationship between the Board and CEO that keeps the CEO on track; and benchmark internal candidates for CEO and other top postswith comparable outside leaders. With practical guidelines and experienced advice from leading consultants in this field, CEO Succession offers a long overdue antidote to what stakeholders, Wall Street, and the media have decried as a lack of board leadership in carrying out its fundamental fiduciary responsibility: ensuringthe steady flow of effective leadership in Corporate America.

Author Notes

Dennis C. Carey is vice-chairman of Spencer Stuart US, a leading executive search firm with offices in the US, the UK and Europe, Asia-Pacific, and Africa. He has placed over 50 CEOs in the last four years for companies ranging from ATandT to Unisys, and is the founder of the MandA Group, agroup of 50 CEOs which includes the heads of Lucent, Dell Computer, All State, and Dow Chemical. He has authored numerous articles on governance, CEO succession, and business strategy that have appeared in Wall Street Journal and The New York Times. He lives in Scottsdale, Arizona. Dayton Ogden iscurrently co-chairman of Spencer Stuart. A much sought-after speaker and commentator on key trends affecting CEOs, he serves on the board of directors of several US companies and is secretary and director of Project Hope, a leading healthcare foundation based in Washington, D.C. He lives in NewCanaan, Connecticut.

Reviews 1

Booklist Review

As the first wave of baby boomers now in leadership positions begins to consider retirement, many companies are taking a serious look at how they groom new managers. Retirement, though, can be anticipated; organizations must also be prepared for catastrophic illness, sudden departures, and even tragic accidents. Carey and Dayton Ogden are vice chairman and cochairman at Spencer Stuart, a leading worldwide executive-search firm. They have been involved firsthand in efforts to find replacements for top executives, and here they outline current best practices and identify failed efforts. The authors focus on the role of boards of directors in the succession process. They explain how to define and assign responsibilities, emphasize the need to develop potential leaders internally, and provide guidelines on how CEOs and boards should work together. Carey and Ogden warn that the board should also have "plenty of exposure to those next in line," and they discuss the financial tools that should be in place to facilitate succession planning. It is also important, they advise, to look outside--even if only to "calibrate" internal candidates. --David Rouse