A succession plan always helps. Top companies hold people accountable for leadership development. McDonald’s had to name a successor within just an hour of the sudden death of its 60-year-old chairman, Jim Cantalupo. The decision was possible only due to years of succession planning.
Jack Welch and his Leadership Style
In 1994, years before he retired from GE, Jack Welch had started the succession planning process. He developed a list of qualities, skills and characteristics a CEO should essentially have. So, GE was ready for its next CEO, years before it finally had to make the decision in 1999. GE had three candidates - Jeff Immelt, W James McNerney and Robert L Nardelli. All three were ideal candidates and aspirants for the top job. All three exceeded every expectation required. Finally, the youngest of the three, Immelt was chosen. In November 2000, GE announced that Jeff Immelt would succeed Jack Welch as the chairman and CEO of the company. W James McNerney and Robert L Nardelli, moved on as the CEOs of 3M and Home Depot, respectively. All leaders and companies can take inspiration and should devise succession plans, the Jack Welch style.
