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

Succession Planning for a CEO - Essay Example One of the ways of identifying and recruiting other internal candidates is by considering their experience and qualifications. Even though majority of the board members are well conversant with the banking operations, individual with a bias in the fields of commerce, finance, business administration and economics are in a better position to deal with Lone Star financial problems. The achievement 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. Question3 Lone Star should have a succession 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.