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Effect succession management process

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Small company called "X". The President and CEO are wanting to retire but don't know who should replace them but think it should be one person holding both titles. Currently all the VP's have strengths and weaknesses. The internal candidates for the position would be Exec VP Marketing, VP Operations , VP Engineering, VP Finance and two sales VPS. All candidates are competent in their positions, but have no experience necessary to run the business. Key problem that the organization faces is that there is no formal performance management system in place nor a succession management process. What would be an effect succession management process that could be implemented for "X" company?

Reference no: EM132872617

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