theceomagazine.com | 59before that. I knew that we shared a common
vision about what we wanted for the
company’s future; that it wasn’t all about
making money at the expense of everything
else. We both lived by our core values, which
made things a lot easier.”
Williams acknowledges that the trust that
existed between them may be rare, but that
creating as much trust as possible is vital to
a successful transition.
“I was amazed that I could step back
from the company after all that time. I’d spent
years saying I was so busy that I couldn’t
possibly take a holiday! I think a huge part
of being able to hand it over in the end was
having someone I trusted implicitly.”CREATE A STRATEGY
Sharing common values ties in with creating
an overall strategic vision for the company
to help guide the transition process. As
Senior Client Partner at Korn Ferry, Heidi
Mason works closely with organisations
on CEO succession. She says creating
a succession profile that reflects the
competencies, traits, drivers and experiences
a future CEO would need to execute the
business strategy is essential.
“It is most important when planning for
and executing CEO succession that
organisations and boards first agree upon the
company’s strategic direction. A detailed
understanding of what the new CEO will face
is vital to determining who is best placed to
serve the organisation’s future leadership
needs,” says Mason.DEDICATE TIME
Williams admits that if she were to repeat the
handover process, she would carve out more
time for the transition.
“I’d launched my second company and
it had taken on a life of its own. If I were
to do it again, I’d definitely have moreone-on-one time with my successor.
“I think successions are like a marriage,”
she adds. “It takes that courting period of
getting to know each other and to understand
how you operate and communicate.
Succession is a risk, and it takes time to find
the right person.”ENSURE A SYSTEMATIC HANDOVER
Williams believes the internal technology
platform she built was integral to the smooth
handover, particularly as time was limited.
“It removed a lot of dependencies in the
business because it contained all those
nuances that you carry as a business owner.
“It meant that Sage didn’t have to come
to me all the time as she had access to much
of the information she needed. Having that
access to your expertise is the biggest, most
powerful tool you can give someone in a new
role,” Williams adds.IT DOESN’T HAVE
TO BE THE INCUMBENT
While the similarities between Williams and
Greenwood helped create a productive
ongoing relationship, this isn’t necessary
under different conditions. Stephen Langton
leads Russell Reynolds Associates Board &
CEO Advisory Group in Asia and says that
branching out to a different type of talent
from the current CEO can prove beneficial.
According to Langton, it’s important for
boards to remember that, “What got us
here may not get us there”.
“We need to position the right skills
experience and characteristics of the next
CEO projecting into their tenure against the
strategic vision of the enterprise – someone
ready for their full tenure and all it brings, not
just ready for the handover. Not just ‘Who is
the best CEO we can find?’ but ‘Who can
lead us in the direction and manner we are
seeking next?’”BIG SHOES TO FILL: Replacing Steve Jobs was never going to be easy. During his second stint as the CEO of the
company he founded, Apple’s shares rose by more than 6,000 per cent. Jobs’ successor, Tim Cook, had enormous
shoes to fill. Expectations were managed by Jobs continuing as the company’s chairman, and his team remaining in
place, while the company slowly moved towards a more COLLABORATIVE CULTURE than the one it had under Jobs.
Succession planning | INSPIRE