Heir dos and don#ts (succession management)

Citation

Benady, D. (2007), "Heir dos and don#ts (succession management)", Human Resource Management International Digest, Vol. 15 No. 6. https://doi.org/10.1108/hrmid.2007.04415fad.004

Heir dos and don#ts (succession management)

Heir dos and don’ts (succession management)

Benady D. Marketing Week (UK), 3 May 2007, Start page: 24, No. of pages: 2

Purpose – To look at how some of the country’s best-known brands are tackling the problem of succession management. Design/methodology/approach – Identifies charismatic and successful figures in UK businesses and describes their plans for successors. Findings – Some well-known brands have seen their success dissipate following the departure of the bosses that have built them into behemoths although cynics suggest that some founding leaders bale out when they know that the going is about to get tough or when shareholders urge them to retire. Explains that the more high profile the chief, the tougher it is for succession but it boils down to how much the individual is associated with the culture of the brand as opposed to just delivering shareholder value. Reveals that Marks & Spencer has hired two new senior directors and parted company with another as chief executive Stuart Rose prepares the chain for his eventual departure and then goes on to consider successors to Sir Richard Branson at Virgin and to Sir Martin Sorrell at WPP, amongst others. Originality/value – Contends that the success of a boss can only really be assessed once he leaves and if the company goes into decline, it will be clear that the chief either lost his grip in the last years or failed to find a suitable successor to carry on the good work.ISSN: 0141-9285Reference: 36AL837

Keywords: Succession planning, Brands, United Kingdom, Marks & Spencer, WPP, Virgin