Board Succession: Getting It Right

With a strong board of directors, a company can impact the present and forge the future. But how does a company get a high-performing board? How does it “grow” board members? How does it handle board member succession? Often, the answers are different for public and private companies. Board candidates for public companies are sourced from outside the organization, many times with the help of recruiting firms. It’s a highly competitive process with many candidates and few openings. These directors come “ready made” and are often former CEOs and financial experts.