There's a reason it starts with Success...

I wrote a post years ago (yes, TBG Now! has been around that long) about the value of succession planning. It's funny, companies are actually starting to get it. I'm hearing CEO's talking more and more often of the elusive plane carrying the senior team of an organization having a mishap. So, as you can imagine we're spending more time with organizations hammering out their list of possible candidates, and continually tinkering with the 'order' of the people as things in the marketplace change.

So, it's interesting to watch the importance of a robust succession plan play out, in this case with Canadian Tire: (from Globeandmail.com)

Succession planning gone awry led to the early departure of Canadian Tire's chief executive officer Thursday.

Wayne Sales stepped down as CEO, effective immediately, making way for Tom Gauld to come out of retirement and take his place after less than two months in retirement.

The unexpected turn of events was set in motion by the departure of yet another top company veteran, Mark Foote, who led the company's retail business.

About a year ago, Canadian Tire's board of directors decided it needed a succession plan to prepare for June, 2007, when Mr. Sales's contract expired. The board had three internal candidates in mind.

Yes, about a year ago.. zoiks..

The Bottom line is that the plan is important. Sorry, financial plan - no, strategic plan - not in this case, yes, the Succession plan.