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Barclays Plc., Britain’s second-largest bank, is scrambling to find the company’s next chief executive and chief operating officer in the wake of a series of resignations (see The New York Times’ coverage of the story.).
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Lacking a clear succession plan, the company hasn’t even determined whether the chief executive will be sourced from within or externally, according to a press release. Barclays’ predicament, however extreme, demonstrates just how important succession planning is, especially when there is no anticipation of upcoming changes.
A more complete strategic planning process might have avoided the problem. According to author Brent Grover in MDM’s recently released book The Little Black Book of Strategic Planning for Distributors, “succession planning is the natural next step in strategic planning” since the departure of owners and managers is inevitable for every business and often occurs much sooner than expected. Companies big and small can benefit from the process.
In a recent MDM webcast, Brent explains why strategic planning’s role as a catalyst for succession planning may be the very reason many company leaders tend to avoid it. Watch the clip below.