When the average CEO tenure is shrinking and the appointment of new CEOs happens more frequently, planning and executing CEO succession communications is becoming a core competency for chief communication officers. • Honor Bill Hickey for his contribution to Sealed Air’s growth under his tenure and a proud legacy as he approaches retirement. A CEO succession policy is a great tool for getting the board thinking about the importance of this transition and how to manage it well. The plan also included a scheduled timeline for post announcement interviews and articles in trade, local and national pubs. a board to make the most of a poten-tially turbulent time for an organization. And by effectively communicating the CEO’s transition, you will help alleviate investor uncertainty and garner support for the successor. CEO turnovers are becoming an increasingly common occurrence in the business world. Whether a volunteer or paid staff, TMC supports those who serve by providing experienced temporary leadership and high quality advice to bridge gaps in executive leadership. Simple. Create an action plan, dividing the areas into short- and long-term goals. But the topic of CEO transition planning is an important one for any company. The first is gauging the new CEO… Once the succession plan is in motion, get the word out to investors and sell-side analysts as early in the process as possible. Passing the Baton: Orchestrating a Well-Received CEO Transition for Juniper Networks. Sealed Air – CEO Introduction Communication Plan At-a-Glance Communication Objectives • Reassure internal and external stakeholders of the stability of Sealed Air during the leadership transition. The purpose is to plan and implement support services that help guide staff members through the transition process. One of the key responsibilities of all board is ensuring that in the event of an expected or unexpected leadership transition – the organization is prepared. Exit Planning & the CEO Transition It helps ensure systematic information sharing and two-way . See the Excel Transition Plan Template A thorough communication plan can make even a hurried transition appear orderly, so focus on the details. sions matter, a transition is a good time to step back and create a communications program to help you influence stakeholders and achieve your objectives. ... Related: Starbucks's CEO Transition Is Unlikely to Disrupt Growth, Analysts Say. The transition should not be considered complete until this milestone has been reached. As first impressions matter, a transition is a good time to step back and create a communications program to help you influence stakeholders and achieve your objectives. While many executives in our transition labs recognize the importance of communications, we find few have access to sufficient or capable communications support in their companies. Create a winning formula based on your recreated vision. A new CEO should be communicating at least weekly with the board chair in the beginning. How does a new CEO get off to a great start? Their charge is to plan and facilitate any needs in communication, training … CEO Transition Checklist Developed by the CASE Commission on Communications & Marketing, this CEO Transition Checklist walks advancement shops through the process of bringing in a new executive under both optimal and non-optimal conditions. 9. Another—the CEO of a large bank, who had plenty of time before taking over—worked out the rotations with his predecessor a year in advance. After the new CEO is selected and the transition is completed, the board needs to attend to two more important tasks. A transition plan is a document that helps companies navigate changes such as retirement or resignation from leadership roles, structural changes within an organization, mergers with other companies, or transitions between stages of business planning. Be creative in how you communicate and gather feedback from employees. Communication plays a key role in every merger or acquisition. Identify your objectives. That helps them be better prepared for the ”expected” and the ”unexpected” when the company’s leader changes. As Target chief steps down, golden rules for a smooth CEO transition. Sample transition timeline Time Action Ongoing Ongoing Ongoing Beginning Sept-Oct December January February March/April . A CEO transition is not the same as onboarding, which is a formal, short-term, agenda-driven orientation program of briefings and meetings. The best leaders move boldly and swiftly to transform their companies as they are transitioning into the new role. Comms plan is key to smooth CEO transition . This team should meet one-two times a month or as often as needed. The immediate transition can involve a wide range of activities: communicating with a variety of stakeholders, developing a transition plan for the outgoing CEO, negotiating compensation for the new CEO, meeting SEC reporting requirements, and planning retention strategies for non-selected candidates and other key management players. Most corporate communications teams have a general plan in place that can be tailored and then implemented when the need arises. Many wealthy and successful business leaders struggle or have struggled with speaking in public. With little time to spare and no room for error, Sterling coordinated with Juniper’s HR, investor relations and corporate communications teams to create messaging, FAQs, press releases, internal communications, and a video interview to smooth the transition. A transition is a good time to establish clarity around key elements of communication. The rest of the onboarding process falls under the roles of three categories — the outgoing CEO, human resources and the board. Checklist for the Role of the Outgoing CEO. Transition Management Consulting, Inc. (TMC) is a trusted advisor to association and nonprofit boards of directors and their executives throughout the United States. Sample’Transition’Communications’Plan’’ Goal:’To#support#asmooth#transition#between#National#Church#Residences#CEOs#while#maintaining# confidence#in#the#organization’sleadership#among#internal#and#external#audiences.#’ Objectives:’’ • Display#the#confidence#of#the#boardandcurrent#CEO#inthe#incoming#CEO#and#therest#of#the A holistic communication plan uses numerous channels to reach employees. An often-overlooked alternative is to have the board or the departing chief executive clean house in advance. The development and implementation of the communication plan will need to be coordinated with the CEO. Maureen Wolff is CEO at … In fact, it’s the responsibility of the CEO to craft a plan for a successful transition, and eventually, an exit. No CEO transition will be perfectly. In fact, poor communication can lead to the failure of the transaction, making it vital that your HR and executive teams work together to effectively communicate all impending changes with staff in an easy-to-digest form. One key tool for both succession and transition planning is the emergency succession plan. Nowadays, CEO turnover is much higher than it used to be. While many executives in our transition labs recognize the importance of communi-cations, we find few have access to sufficient or capable communications support in their companies. For instance, Franz Humer CEO of Hoffmann–La Roche, set the right priorities during his initial period; persuaded all stakeholders; and brought Hoffmann–La Roche from an industry laggard into an industry leader. You must be a CASE member to see this page. A communication plan defines the approach that a program will use to communicate with communities. ... We determined key messages and audiences and identified our communication vehicles. The nine steps in this template address the key aspects that programs should consider: 1. McDonald's masterful handling of its CEO transition following the tragic death of James Cantalupo highlights the crucial role of succession planning in protecting shareholder value. communication. Though the circumstances vary widely across recent examples, experts tell PRWeek there are general rules for communicating a smooth CEO transition. It will take a minimum of two to three weeks to develop the communication plan and to prepare for its implementation. This could include meetings, one-on-one conversations, newsletters, presentations, brainstorming workshops, lunch and learns, Intranet Q&A forums, screen saver messages, etc. This essential document is a roadmap for what happens in the event of the chief executive’s sudden illness, lottery win, or any short-term extended absence. A LEADERSHIP TRANSITION CHECKLIST . Measure Performance and Improve Progress. Getting the board to fire a troublesome manager "saved me a quarter in my plan," said one CEO. The Microsoft Excel Transition Plan Template presents your transition in simple roadmap graphic, so that anyone can understand it rapidly. Agree to stay on for a short term to help the new CEO transition successfully The more notice you provide, the more orderly the transition will appear. According to a recent report by Challenger, Gray & Christmas, Inc., 90 chief executive officers left their positions just in June 2018, and 631 have stepped down since the beginning of the year (an 11% increase in comparison to the first six months of 2017).. Based on an analysis of leading Fortune 100 companies and our own experience managing CEO changes, here are some key insights and lessons my […] This was obviously the first time we've done a CEO transition and brought on a new CEO. The big problem is that 25 – 35% of employees have no idea who their CEO is. By doing so, you’ll be more likely to effectively communicate the CEO’s transition, alleviating investor uncertainty and garnering support for the successor. In short, weak communication efforts helped fuel the crisis, which led to the CEO’s departure. 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