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Make Succession Planning a Board Priority

One-quarter of CUs still need a formal CEO succession plan.

September 08, 2010
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Q. What should CUs with succession plans do to ensure they stay current and meaningful?  

A. Review the succession plan and update it at least annually with input from the CEO and other managers in the organization. Attend seminars offered on the subject. Consider whether it would be useful to have the plan reviewed externally by a qualified consultant. Stay abreast of industry trends and consider how they affect your succession planning. Remember that a great strategic plan is meaningless without the talent to execute it.

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