CEO Landscape Succession Planning

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1 CEO Landscape Succession Planning

2 Presenter Gene Mandarino

3 Presentation Objectives Define succession planning List components of a succession plan Understand the steps required to do a full succession plan Gain the knowledge required to begin your succession planning process

4 Why Succession Planning is Important 75% of executives listed executive succession as their primary concern (SHRM 2008) 50% of organization have a succession plan in place (Mercer/Delta Salary Survey 2008) 56% of credit unions > $1m have a succession plan in place (CUNA Salary Survey 2008) 10%of CEO s are going to retire in the next 2 years (CUNA Salary Survey 2008)

5 Why Succession Planning Is Important NCUA and state examiners say it is Key employees leave, get ill, become disabled, or die all the time A succession plan helps the credit union maintain stability and keep critical operations going

6 Benefits of A Succession Plan Ensure continuous quality service Anticipate future position needs Identify and prepare internal successors for advancement opportunities

7 Benefits Of A Succession Plan Fills vacancies with internal candidates where appropriate Hires and grooms future leadership Identifies leadership gaps that could create a risk Utilizes professional development investments more effectively

8 The Board s Role Ensure there is continuous effective leadership Request a succession plan Review and understand the succession plan Conduct timely performance appraisals on CEO Make SP part of the strategic planning process

9 The CEO s Role Develop and administer the SP Identify successor candidate/s and: evaluate their performance provide ongoing feedback plan appropriate development activities to strengthen their capabilities Report on the SP at planning sessions Delegate authority to successor candidates

10 Two Types of Succession Planning 1. Planned Succession 2. Emergency succession plan

11 Emergency Succession Planning Management team pre-identified by the Board; responsible for credit union operations until Board appoints interim President/CEO Management team addresses immediate needs, including internal communications, if they can t wait for an emergency Board meeting

12 Components of an Emergency Succession Plan See H/O

13 Planned Succession It is simply a more deliberate focus on career pathing and development planning

14 Planned Succession Steps Establish succession planning goals Define future structure Identify and assess successors Create development plans Update annually or as needed

15 Establish Succession Planning Goals Emergency SP? Planned SP? Or both? Positions targeted for succession? Professional assessment and development?

16 Define Future Structure Review strategic plan and business environment Determine impact the strategic plan has on future structure and roles Update position descriptions and future structure to reflect strategic plan

17 Activity Define Future Structure

18 Identify And Assess Potential Successors Review organization to identify potential internal successors Create successor organization chart (see next page) Assess skills and capabilities of each potential internal successor Create capabilities report on each potential successor

19 Sample Successor Chart (Handout) CEO/Manager VP/Manager Finance/Accounting CEO Successor Code 1 VP/Manager Marketing/Business Development VP/Manager Member Services CEO Successor Code 2 VP/Manager Lending Successor Code 1 Successor Code 4 Successor Code 1 Successor Code 2 Successor Code 3 Successor Code 2 Readiness code: Readiness codes: 1 Immediate 1 = Ready now 2 = 1-2 years 3 = 3-4 years 4 = 5 years 2 Within months 3 Within months 4 Too early to assess Successor Code 3

20 Activity Identify And Assess Potential Successors

21 Create Development Plans Identify strengths and developmental needs Determine critical development needs Identify appropriate development option to suit development needs Set completion dates Include plans in performance management process

22 Finalize Succession Plan Document Administrative guidelines Process for planned and unplanned vacancies Successor chart with job descriptions Professional development plans Potential funding requirements

23 Retention Strategies Look for opportunities to promote and advance individuals Consider deferred compensation (golden handcuff) arrangements to supplement current compensation, fill retirement gaps, and tie the executive to the organization 457(f) arrangements provide the golden handcuff retention tool

24 Retention Strategies - Continued Defined contribution 457(f) program, executive gets growth on contribution amount Defined benefit 457(f), credit union guarantees future set amount These arrangements provided to senior executives can ensure a smooth transition when there is a planned date for a CEO transition

25 Retention Strategies - Continued Split Dollar Insurance Insurance protects both the credit union and the executive. The death benefit repays the cu its premiums with additional dollars for transition. Also, benefit dollars available for the beneficiaries. At retirement, the cash value goes to pay back the cu s premiums and to provide a supplemental retirement amount for the executive.

26 Succession Planning Without a plan, the right people properly prepared, the right outside resources available, and the money to implement, succession will be chaotic, hurting the credit union, the members, and the employees trying to give great service.

27 Questions?

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