In this 28-minute podcast, Meredith interviewed Ani Huang from the HR Policy Association and Center On Executive Compensation and Dr. Anthony Nyberg from the University of South Carolina about a report they recently co-authored on CEO succession planning.

Their research focused on 10 of the most common pitfalls in CEO succession, the risks they pose to companies and the role of Chief Human Resources Officers in supporting boards through leadership transitions. The info goes beyond CHROs, though – it’s also useful to anyone supporting boards with succession planning. In the podcast, they discussed:

1. Why the CHRO can be even more critical than the outgoing CEO in ensuring an effective succession planning process

2. What makes or breaks CHRO effectiveness in succession planning

3. Gaining buy-in on the importance of succession planning when a transition isn’t imminently expected

4. The importance of starting early – even on day two of a new CEO’s tenure

5. Identifying “future-fit capabilities” and revisiting the CEO profile as business needs evolve

6. Defining the role of the incumbent CEO in the succession planning process and avoiding the CEO “preordaining” a successor

7. Deepening the board’s engagement and understanding so succession planning doesn’t become a “check the box” exercise

8. Getting boards meaningful exposure to internal talent to evaluate critical competencies

9. Setting up the successor and the board for success when the transition happens

10. Developing internal talent and navigating challenges that arise when candidates are asked to stretch beyond core competencies

11. The criticality of considering external talent, even when there are many reasons to promote internally

12. Taking that first step.

If you have insights on a securities law, capital markets or corporate governance issue, trend or development that you’d like to share, email John at john@thecorporatecounsel.net or Meredith at mervine@ccrcorp.com.

– Liz Dunshee