What should a board do during the CEO succession planning process?

During the CEO succession planning process, it is crucial for a board to foster relationships with search firms and consider the broad talent pipeline. This approach allows the board to identify a diverse range of potential candidates, both internal and external, ensuring that they do not limit their options to just one source of talent. Engaging with search firms can provide valuable insights into market trends, emerging leaders, and best practices, ultimately leading to a more informed and strategic decision-making process.

By considering a broad talent pipeline, the board enhances its ability to select a successor with the right skills, experiences, and compatibility with the company's culture and future direction. This comprehensive view not only supports effective leadership transition but also increases the chances of finding a candidate who can navigate the challenges and opportunities that lie ahead for the organization.

In the context of the other options, focusing exclusively on external candidates, delaying discussions, or concentrating solely on current executives within the company limits the board's ability to make the most informed choice. By opening up the search process, the board can leverage the full landscape of leadership talent available, ensuring a more robust and strategic succession plan.