APRIL 19, 2017
The Stresses of Retirement
By Mark Loehrke, Editor, Financial Managers Society
While some CEOs seem all too ready for retirement, others are determined to stick around until they’re carried out of the place.
The real problem, however, tends to be those leaders that fall somewhere in the murky middle, holding their cards close to the vest and leaving their institutions in the dark about their plans for eventually vacating that top post. Because there’s much more at stake in this decision than post-retirement tee times and nap schedules (for the CEO, not his or her staff – one hopes), writes Deedee Myers for CUInsight
It’s not so much, she says, that every organization needs to know the exact exit date for its CEO, but rather that simply having a general idea of the leadership timeline can help an institution plan for this eventuality and thus enjoy a smoother and more measured succession process. At the very least, she notes, organizations should take the time and effort to prepare a plan for when the day comes by proactively addressing issues such as:
Building a team of stakeholders that will help navigate the institution through the CEO transition
Developing internal candidates as potential successors
Establishing a process for replacing key executive team members who may also depart
By considering these issues well before the CEO decides to actually hang it up, organizations can help ensure that that retirement cake isn’t, in fact, a bitter pill to swallow.