Not for CEOs: A Succession Plan Is Not a Replacement Plan (Video Included)
Succession planning means more than just having a set of instructions in place for your board to follow in case you unexpectedly die, according a panel of CEOs that participated in a Not For CEOs discussion held at CUNA’s Governmental Affairs Conference.
“A succession plan is not the same thing as a replacement plan,” said Brandon Michaels, CEO of the 52,000-member $477 million Mazuma Credit Union, headquartered in Kansas City, Mo. A replacement plan is a piece of paper that tells the credit union board who they can turn to replace you in an emergency, he explained. A succession plan is a proactive effort to cultivate and develop the next generation of leaders for the credit union.