Succession Planning in the C-suite Lagging, According to Korn/Ferry Executive Quiz
The survey shows that 59 percent of executives do not feel their company has a defined succession plan in place. The quiz results also suggest that most companies are not adequately prepared should their CEO resign suddenly. When executives were asked if they knew who would assume leadership of their company, just slightly more than half (56 percent) said "yes."
Illustrating the risk of operating without a succession plan, the majority (68 percent) of executives said that the departure of their current CEO/president would be extremely or somewhat damaging to the company. Only 21 percent said it would not be damaging, while 11 percent said it would be beneficial.
"C-suite succession planning is one of the most important charters of any organization and its board of directors," said
While many executives feel corporate-wide succession plans are not as defined, they feel more confident that a successor is being groomed to take their own individual post. Fifty-nine percent of executives reported knowing who would assume their role if they left their company today.
The Executive Quiz is based on a global survey of executives registered within the firm's online Executive Center, ekornferry.com. Respondents from 70 countries, representing a wide spectrum of industries and functional areas, participated in the most recent Executive Quiz in
Asia Pacific, Carol Lo, + 65 6231 6219, email@example.com, or EMEA, Juerg-Herbert Baertschi, +44 20 7312 3178, firstname.lastname@example.org, both of Korn/Ferry International, or The Americas, Kevin Oates, +1-310-584 8331, email@example.com