Managing a Temporary Loss of Your CEO

 

What would you do if your CEO were suddenly unable to work? If he or she was stricken and you were unsure when he or she would be able to return, how would you handle it? Do you have a plan?

 

When Apple's CEO, Steve Jobs became ill, his COO, Timothy Cook was ready to step in to run the company. Is someone able to take charge in your organization?

 

An emergency preparedness plan is a strategy, a blueprint, designed to address the temporary loss of your CEO. Unlike a succession plan, the emergency preparedness plan deals with a temporary loss, where the CEO is expected to return. Having someone ready ensures that the organization can continue to operate without the crippling effect of a rudderless ship.

 

Emergency losses put an organization in crisis, so it often takes a different kind of person to take over the reigns during this period.  The most successful individual, who can take charge quickly, is usually one who is:

• Cool under pressure
• Clear, logical thinker
• Excellent communicator, and
• Knowledgeable about where everything is in the organization and how it runs.

 

The person who takes over during an emergency may be different than the one who would succeed the CEO on a permanent basis. In fact, in some situations, more than one person could be put in charge. Most recently, I designed a plan where two senior managers would take over because the executive vice president, who has been designated to succeed the President when he retires, will not be ready for another 2 to 3 years.

 

So how do you develop a plan? Click here to read full article.