The New Horizons Foundation has just published a new white paper titled, An Executive Exit: A Closer Look at the Factors That Drive Successful Executive Transitions.
FMI has reported that the construction industry is facing an extraordinary number of executive departures, with 50% of executive leaders in the engineering and construction industry transitioning out in the next 10 years. Executives in many SMACNA member firms are part of this universe.
There is significant research contained in succession management literature which highlights the initial stages of laying the organizational groundwork for transition and identifying and preparing a successor. Despite this research, there was not a formalized set of guidelines for a successor transitioning into the CEO role.
The New Horizons Foundation commissioned FMI Corporation to address this gap and this paper, based on insights gathered from interviews with many successful exited CEOs, explores in depth five key themes as the main guidelines for a successful transition:
- Build a Strong Succession Foundation
- Engage in Transition Planning
- Cultivate the Ideal Predecessor Mindset
- Make the Transition
- Help Predecessors Look Forward
The entire white paper is available to read here