MEDIA RELEASE PR37022
Succession Planning in the C-suite Lagging, According to Korn/Ferry Executive Quiz
LOS ANGELES, Nov. 17 /PRNewswire-AsiaNet/ --
The most recent Executive Quiz results released today by the Korn/Ferry
Institute indicate the majority of companies are not prepared for succession
in the C-suite.
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 Joe Griesedieck, vice chairman
and managing director of Korn/Ferry's Board & CEO Services. "In the wake of
the economic downturn, many companies have been focused on preserving the
franchise and have reluctantly put off the critical succession planning
process. A clearly defined plan, put in place well ahead of a CEO's
departure, not only mitigates risk, but thwarts off counterproductive
leadership struggles stemming from lack of clarity."
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.
Methodology
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 October 2009.
About The Korn/Ferry Institute
The Korn/Ferry Institute was founded to serve as a premier global voice
on a range of talent management and leadership issues. The Institute
commissions, originates and publishes groundbreaking research utilizing
Korn/Ferry's unparalleled expertise in executive recruitment and talent
development combined with its preeminent behavioral research library. The
Institute is dedicated to improving the state of global human capital for
businesses of all sizes around the world.
About Korn/Ferry International
Korn/Ferry International, with a presence throughout the Americas, Asia
Pacific, Europe, the Middle East and Africa, is a premier global provider of
talent management solutions. Based in Los Angeles, the firm delivers an array
of solutions that help clients to attract, develop, retain and sustain their
leadership, intellectual property and research.
SOURCE: Korn/Ferry International
CONTACT: Asia Pacific,
Carol Lo,
+ 65 6231 6219,
carol.lo@kornferry.com,
or EMEA,
Juerg-Herbert Baertschi,
+44 20 7312 3178,
juerg-herbert.baertschi@kornferry.com,
both of Korn/Ferry International, or
The Americas,
Kevin Oates,
+1-310-584 8331,
kevin.oates@ketchum.com
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