Succession Planning - Management Concepts

Best Essays
Topics: Management
1101IBA – Management Concepts

Literature Review and Report

Richard Branson, Virgin Group
Succession Planning

1,650 words

Table of Contents

1.0 Introduction 3

2.0 Problem Identification 3

3.0 Critical Analysis 5
3.1 Goal Establishment 5
3.2 Relay Succession Planning 6

4.0 Recommendations 8

5.0 Conclusion 9

6.0 Reference List 10

1.0 – Introduction

Assuring effective succession is considered an issue in all kinds of firms (Miller, 1993; and Reingenum, 1985). The purpose of this report is to discuss that a lack of Chief Executive Officer (CEO) succession planning could be a potential threat to the future efficiency and effectiveness of the Virgin Group, and other businesses who posses’ similar qualities. This report also proposes recommendations, and critically evaluates these proposals, in order to assist businesses globally with the issue of CEO succession planning. A good succession plan is critical to the future of a business; it enables a smooth transition and alleviates the likelihood of disruption to operations. This report will argue that by incorporating succession planning as part of the organisational planning process a business will have the ability to achieve goals and enable the smooth transition of an incoming successor without disruption to operations.
2.0 – Problem Identification

Richard Branson is rare among business leaders; he possesses a unique, personal leadership and entrepreneurial business style that which has been determined as the reason the Virgin Group has been so successful. However, in possessing a bold, risk-taking management style it is inevitable that one day Richard Branson will no longer assume the position of CEO, and failing to have an evident succession planning processes in place, it could be argued that Richard Branson and similar CEO’s globally are risking the future of their companies.

There are

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