3 Choosing Who to Develop as Your Successor
The development of a great successor is one of the most important accomplishments that a CEO can achieve. But should you develop an internal or an external successor?
The Case for Internal Successors
There are many reasons, both personal and professional, to make the investment in developing your successor from candidates inside the company.
The Costs of External CEO Failure
To begin with, if you hire a CEO from outside the company, the board will expect a “name brand” leader who has a proven track record of success. There aren’t that many out there! To hire such an executive, you are going to have to pay a ton of money and provide an expensive golden parachute if things don’t work out. Several recent ...
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