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The Race to Fill Gregg Steinhafel’s Position

The Bailey Group | May 14, 2014 | Blog | Succession Planning/Pre-Hire Assessment | Uncategorized | 1 minute read

targetThings are hopping this week at Korn Ferry as they thrust themselves into the new search project for Target to identify a stellar replacement for former CEO Gregg Steinhafel.  Good news for Korn Ferry.  Bad news for Target as six months can easily pass until a CEO is identified, maybe 9 months, desk to desk.  In the racing world of retail, how frustrating a time to lose momentum and miss opportunities. Surely Target wishes they had an able CEO in waiting.

With increasing intensity, Boards are worrying about CEO gaps and succession.  More are expecting the CEO to have a successor ready; others are taking the succession process in their own hands.

We often hear the push back, “We can’t afford to have a #2 just waiting in the wings”. Or, “Anyone worth their salt won’t be available that long.”  Those concerns, however, shouldn’t cause the organization to avoid succession planning or talent reviews altogether.  The CEO and the Board, at a minimum, need to know the answer to the question – Do we have one or more leaders (by name) today who have the essential background, exposures, potential and confidence to drive critical strategies in the next 3-5 years? Knowing the answer to that question quickly clarifies the Plan of Action regarding accelerated leadership development or leadership acquisition plans.

The Bailey Group help CEOs and Boards crisply identify what is needed in their next CEO and evaluate senior talent – before a crisis is at hand.