What Do You Do When Your Executive Team Nears Retirement Age? Thoughts on Succession Planning from OPEN MINDS VP Colleen Elmer
OPEN MINDS, The Behavioral Health & Social Service Industry Analyst Ask The Expert OPEN MINDS Reader Question: Three of the executives on our management team are nearing retirement age. Were a small ($12 million per year) community-based mental health organization and not quite sure what to do. These three execs have been here collectively almost 60 years. Where do we start with succession planning so we can find their replacements? In the United States, 20% of the best known companies expect 40% of their senior executives to retire in the next five years. This shortage means that unplanned . . .