Sudden CEO Departures Can Upend An Unprepared Board | CBM
Dr. Kevin Groves speaks on how a board should handle unexpected CEO changes
Pepperdine Graziadio Associate Professor of Organizational Theory and Management Kevin S. Groves, PhD, is quoted in a Corporate Board Member article on sudden CEO departures. JP Donlon's article mentions unexpected, scandal-driven departures like Steven Wynn and Harvey Weinstein, as well as death-related departures like Hunter Harrison (CSX Corp.) and Robert Wilmers (M&T Bank Corp.) as examples of incidences in which board members were ill prepared with successsion plans.
Dr. Groves is quoted as saying, "Boards today need to have a detailed profile of the type of individual that is required to lead their organization in the future." Groves goes on to say that directors should be familiar with key leaders within their organizations, several steps down from the CEO, and continually calibrate and groom those individuals to step in when needed. "Boards need to own the CEO profile and update it with regularity."