Succession Planning for a CEO Essay Example | Topics and Well Written Essays - 500 words

Succession Planning for a chief executive officer - Essay Example unmatched of the ways of identifying and recruiting different internal candidates is by considering their experience and qualifications. Even though majority of the board members atomic number 18 well conversant with the banking operations, individual with a bias in the fields of commerce, finance, business administration and political economy are in a better position to deal with Lone Star financial problems. The motion of the board members is another factor that should be considered. Board members who have attained significant achievements during their tenure should be given a priority. Internal recruitment process should be undertaken by the company directors, the current CEO as well as a renowned auditing firm such as the Pricewaterhousecoopers. In this way, the recruitment process will be fair to all candidates.Question3Lone Star should have a season plan for the CEO position. Based on the significant nature of the CEO position, the board should ensure that a board member with many years of experience in the bank or any other large financial institution is given a priority.