Succession Planning Key Goal for CFOs

Oct 18, 2018, 1:47 PM

(from CFO) CFOs are increasingly concerned about the legacy they leave behind when they retire or change positions. A well-thought-out CFO succession plan ensures there is a bench of highly skilled finance leaders ready and able to take the baton, from the perspective of management, the board of directors and key constituents. Tips for developing a strong plan:

1. Involve the CEO in planning and keep the board informed.
2. Understand direct reports’ ambitions and qualifications for their promotability.
3. Identify, assess, and develop successors early.
4. Rotate people into new roles to expand their knowledge and skills.
5. Emphasize “soft” skills in succession readiness assessment and development.
6. Consider external hiring part of the succession plan.
7. Re-assess the succession plan throughout the year.