Succession planning for successfully listed FTSE 250 business
The Board of a FTSE 250 business requested input in assessing and developing their CFO as their primary CEO succession candidate. Having recently listed they needed to offer assurance to shareholders of a robust and sustainable leadership cadre and support plans for potential growth and diversification of the business.
The initial assessment used competency-based interview, career review and psychometric assessment. This led to a gap analysis and assessment of potential exposure in 3 scenarios: steady state/ planned transition to CEO role, emergency cover/ unplanned transition, leadership transition plus step change in strategy. This was reviewed by the Nominations Committee and an action plan agreed.
The action plain encompassed a range of approaches to reinforcing succession and accelerating readiness. This included organisational design options, stretch experience, external development programs and coaching.
Monthly coaching has enabled greater confidence and surety on likely approach, capacity across scenarios and in relationship and impact at the Board. It has also played a part in retaining key talent in the business and developed a richer relationship between successor and the Board.
