The Korn Ferry survey of C-suite executives globally found that 77% don’t have a successor ready to take over for them. The survey also found that 42% say their companies lack a solid succession plan.
“Often organizations are so busy trying to outpace the competition and provide value for customers and shareholders that they don’t take the time needed to plan for the future,” said John Petzold, Korn Ferry senior client partner and leader of the firm’s CXO Optimization Practice. “An exodus of a senior leader could be unplanned and swift, which could leave organizations vulnerable if a ready-now successor isn’t already identified and developed.”
The survey polled almost 900 CEOs, CFOs, CTOs, CMOs and CHROs.