I have been talking and writing about CEO Succession Plans this month. This week illustrates how real this is. WeWorks, Juul , eBay and hours ago Blue Cross and Blue Shield of North Carolina all had their CEOs depart over the last three days. Now to be fair, they are all for different reasons. Whether it is a loss of confidence by the board, a devaluation, or reports your product is a major health danger, the company has to make an unplanned leadership change.
This week’s examples are reminders that companies big and small are vulnerable and need to be ready for unexpected changes in leadership that can rock the company, culture and their stockholders. Whether you are a large Fortune 500 company or a $20m privately held business you cannot assume business as usual. Q4 is upon us and there will be plenty more leadership changes that will disrupt many businesses.
If your organization finds itself in this unplanned leadership departure or in a strategic succession plan, contact me to execute a plan to fill this critical void.
Board leadership decides the overall strategy and trajectory of your business. Weak leadership in these important positions leads to inefficient management, poor recruitment, and at worse, business failure. For lasting business success, you need to recruit and develop strong board leadership within your company. Companies often struggle with succession planning for their leadership board, though. Board members are too busy handling business needs to search for promising candidates to fill open positions. This is where Cowen Partners board recruitment and succession planning services come into play.
Cowen Partners has extensive experience helping businesses build strong board leadership. From board recruitment and CEO succession planning to identifying director effectiveness, we can help you with any of your executive board search needs. When working with clients, we create a customized experience to find the best board candidates based on a company’s needs. We carefully identify skill sets and backgrounds that would benefit your team as well as determine which candidates align with company values and goals. Our accomplished team also has experience with a wide variety of industries from consumer goods and financial services to healthcare and many others.
No matter what industry you work in, it’s imperative to have a seamless transition when one board member leaves and a new one comes in. A vacant board seat only results in business setbacks and makes it more difficult for the incoming board member to adjust to the role. Stay on top of the recruitment process by hiring an experienced national search firm to fulfill your board recruitment needs. Below are some of the services we offer as well as an explanation of how each one of these services will benefit your company now and in the future.
When built effectively and run efficiently, corporate boards are a strategic asset and a source of continuous competitive advantage. A board with a portfolio of competencies and intellectual capital aligned with your organization’s toughest strategic and operational challenges will deliver the edge to drive continuous shareholder return.
At Cowen Partners, we know how to locate the candidates who will further your business goals and strengthen your board portfolio even more.
With pressure on boards relentless and growing from shareholders, regulators, and the media — expectations are high. Proven top leadership is a powerful strategic asset, and there is no room for error in the selection of directors.
We work closely with boards to understand strategy, culture, composition, and the skills needed and then partner with our colleagues with deep industry expertise – including diversity, technology, and finance to identify the right candidate.
CEO Succession Planning
Few events carry greater risk to shareholder value than a change of leadership. Boards that excel at CEO succession are prepared to meet future challenges without disruption. Cowen Partner’s approach includes:
Boards that are recognized as being highly effective in their structure and makeup, oversight process, and culture and value have become the standard to which every board aspires. Cowen Partners’ Board Effectiveness Consulting practice uses a forward-looking process that is focused on the assessment and potential improvement of the board to meet that standard. Cowen Partners focuses on the following elements to accelerate the effectiveness of boards: