#succession-planning

#succession-planning

Over the next 20 years, an estimated $84 trillion will change hands in the U.S.; some call this the Great Wealth Transfer, others the Silver Tsunami. This wealth is held in cash and assets, but also in the estimated 2.9 million private U.S. businesses that are owned by those over 55. Many retiring business owners will look to sell their company to private equity or larger conglomerates, while others will pass their businesses on to their heirs.

Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.

The research centered around a model that probed the selection of 1,345 CEOs from 900 S&P 1500 firms between 1990 and 2020, and found that generally lower CEO performance versus expectations following succession correlated with higher experience among the directors who chose them. But there was a catch - this was the opposite when the CEO involuntarily left (where previous experience led to a better hire). Where the CEO voluntarily left, previous hiring experience meant weaker performance from the candidate appointed.

According to his LinkedIn profile, the mechanical engineer joined Apple's product design team in 2001 and has overseen hardware engineering for virtually every major product in the company's current portfolio. His fingerprints are on every generation of iPad, the latest iPhone lineup, and AirPods. He also played a crucial role in the Mac's transition to Apple silicon. He's also played a prominent role during Apple's most recent keynotes, introducing products like the new iPhone Air.

To nab the jaw-dropping pay package that could make Elon Musk the first trillionaire, the Tesla CEO first has to find his successor - eventually, anyway. Succession planning is rarely easy and often gets harder when it involves replacing a high-profile exec. Whoever eventually steps in to replace Musk will have a big job to do, leadership experts told Business Insider.

Michael O'Leary stated that he will not run for the 'non-job' at the Áras and reiterated the importance of implementing an 'aggressive' tax on Airbnb.

Now, I find that my greatest pleasure is helping the next generation of impassioned editors.