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Succession Planning Rare, but Necessary

Friday, October 12, 2012

Healthcare boards must begin building solid succession plans well in advance to ensure the most effective transition. However, a recent Witt/Kieffer survey of CEOs shed light on how rare succession planning is. In fact, only 39 percent said that they've worked with their board to develop a formal succession plan. Elaina Spitaels Genser, Managing Director of Witt/Kieffer's Western Region, says in a recent Hospitals & Health Networks article, “It is, after all, the board's responsibility to assess and hire the top executive, not the outgoing CEO.”

Succession planning is not a new concept in healthcare, but adopting the practice has only started to gain momentum in the past few years. Genser states, “Succession planning often gets pushed to the back burner as more immediate needs arise.”

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