Korn/Ferry has reported a 400% increase in its engagements with corporate boards of directors on CEO succession planning consulting projects for the first six months of the current fiscal year.
The company says this is more than twice the number of succession planning projects in the prior two years combined. Korn/Ferry adds it is currently working on more than 25 CEO succession planning projects for a variety of clients in the public sector across multiple industries.
Joe Griesedieck, vice chairman and managing director of Korn/Ferry’s Board & CEO Services, said CEO succession planning “continues to be one of the most important responsibilities that the board of directors holds” since planning for CEO succession is not an individual event, but a strategic process.
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Although corporate boards consider CEO succession to be one of their most important jobs, Korn/Ferry claims that about half currently have a succession plan in place.