CAI-NJ April 2020(w)

NEXT GENERATION... from page 32.

existence). Providing successors opportunities to take risks while the current leader is still around to support and help out is a must!! The exiting executive needs to ensure exist- ing managers understand the new role of the appointed executive as the incumbent executive begins the transition

CEO or key executive can lessen the resistance the incoming executive may experience as they transition into their role, and take over high-level responsibilities. This can be done over time by building confidence in the younger generations, and also displaying that confidence to the rest of the team working under the younger incoming executive. Passing Control Letting go is hard, and sometimes you may feel more at ease to just pass the torch and run away. While that may be easy on you, it is impossible for everyone else involved. Passing the torch is a two-way street. It is the responsibility of the incoming generation to get to know the organization they’re stepping into. However, I feel it is just as crucial for the existing executive to control the transition process. “Learning mistakes are OK. Repeat mistakes are NOT,” is a quote I use every day at C&L Services. It is crucial for new executives to make their own mistakes and to learn from them (As long as they don’t threaten the businesses’

from his executive role. Understanding where and when to give up control and in the right propor- tions can be difficult to do, but it’s crucial for passing the torch smoothly.

“The exiting executive needs to ensure existing managers understand the new role of the appointed executive...”

In today’s fast-paced, everchanging markets, the transi- tion of high-level executive positions from the established generations to the younger generations is not an “if,” but more of a “when?” Transition execution is easier said than done. It is up to the company’s new leader to set expec- tations, communicate, take action, and build a culture that leads the organization successfully through a critical, trans- formative moment in its existence. n

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