Ensuring top performance during a CEO transition
When the founding CEO of a large healthcare firm suddenly decided to turn over the reins to his hand-groomed successor, careful planning was required to maintain investor confidence and build internal support for the new CEO.
We executed a four-phase strategy, collaborating with executives to (1) create a storyline explaining the timing of the handoff; (2) plan a sequence of internal and external conversations, announcements, and events; (3) prepare the CEO and his successor for their public roles during the transition; (4) shape activities and messages for when the new CEO took office, helping develop and articulate his vision for the company's future.
The strategy paid off. Externally, analysts responded well, universally embracing the rationale we had developed and communicated, and a national business publication called the changeover outstanding, well-planned, and well-implemented. Internally, there was no damage to performance, no loss of business focus, and no departure of key people.
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