CEO SUCCESSION PLANNING [ 2 ] MEET THE SPEAKERS Faculty: Kurt Bock, CEO (Retired), COUNTRY Financial Kevin Kinross, Partner, Taft Stettinius & Hollister Panelists: Rick Means, Chairman, Shelter Insurance Stuart C. Henderson, CEO (retired) Western National Insurance Robert M. Zak, Chairman, Merchants Mutual Insurance NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES 2021 Directors' Bootcamp 2.0 - Bock & Kinross 1 of 7
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CEO SUCCESSION PLANNING
[ 2 ]
MEET THE SPEAKERS
Faculty:
Kurt Bock, CEO (Retired), COUNTRY Financial
Kevin Kinross, Partner, Taft Stettinius & Hollister
Panelists:
Rick Means, Chairman, Shelter Insurance
Stuart C. Henderson, CEO (retired) Western National Insurance
Robert M. Zak, Chairman, Merchants Mutual Insurance
NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
• Boards should approach CEO succession as part of a larger leadership preparation and development program—CEO succession is a process and not an event.
• All key positions, not just the CEO, need to have both potential candidates and immediate replacements in the pipeline.
• Just as the CEO needs to be responsible for the development of potential senior leaders, the Board needs to be responsible for the development of the CEO.
• The Board should have annual discussions on senior leader succession with the CEO with focus on internal succession candidates.
• Select appropriate timeline to complete selection and provide appropriate transition
• Board determines specification criteria for position and attributes desired• Consider communicating the process throughout the company • Determine candidate pool (internal, external)• Determine interview process and final candidate selection process• Screen candidates using questionnaires, testing, organizational
psychologist consultation, interviews, etc• For non-selected candidates, use opportunity for growth discussions• Board should oversee the transition process
NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
Internal Candidates vs External CandidatesInternal Candidates vs External Candidates