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Implementing a succession management process

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Reference no: EM132882522

This year, Jim Pender, the President and CEO of Stonewall Industries, is set to retire after 40 years of service with the company. The executives from the new parent company, US Corp, have absolutely no idea who should replace Pender as President. All of the current VPs have various strengths and weaknesses and no one on the team seems to be viewed as the heir apparent. The internal candidates for the position would be VP Manufacturing, McBain; VP Mining, Khan; VP HR, Byer; VP Finance, Ho; and VP Marketing, Krajevski. Jones, VP of the Plastics Division is not viewed as a candidate because he doesn't have gypsum wallboard experience. All of the candidates are viewed as 'competent' in their current roles. Byer and Ho are viewed as 'exceptional'.

Neither executive, however, has direct line management experience in the manufacture of gypsum wallboard. One of the key problems that the organization faces is that there is no formal performance management system in place, let alone a succession management process.

Your group has been hired as consultants to US Corp with the mandate to:

a. determine if there is a viable internal candidate for the President and CEO position within the Stonewall organization, and

b. develop and implement a succession management process so that Stonewall will not find itself in this position again.

Question

1. Outline the major benefits of implementing a succession management process.

Reference no: EM132882522

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