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Using the Succession Plan to Evaluate Talent
Boards have many duties, from overseeing the long-term strategy of the institution, to approving executive pay packages, to vetting and approving the budget. But one job that they often leave for another day: succession planning. Yet, for forward-thinking banks, having a process for succession not only can strengthen the organization in the future, but also build talent today. Brian Moynihan, chairman and CEO of Bank of America Corp., recently spoke about this very fact. Despite not having plans to leave the institution he’s led since 2010, the 62-year-old Moynihan explained that the bank reworks its succession plan twice a year....
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Ryan has covered leadership, business and personal finance topics for more than15 years, writing for various publications, including Fortune, MONEY, The New York Times, CNBC and many others. He’s also the author of The Everything Guide to Investing in Cryptocurrencies.