LOS ANGELES, November 12, 2009 -- Korn/Ferry International (NYSE:KFY), a premier global provider of talent management solutions, today reported a 400 percent increase in its engagements with corporate boards of directors on CEO succession planning consulting projects for the first six months of the current fiscal year. This is more than twice the number of succession planning projects in the prior two years combined. Korn/Ferry is currently working on more than 25 CEO succession planning projects for a variety of clients in the public sector across multiple industries.
“With increased government business regulation, the turbulent business environment and real-time examples of corporate boards that did not have immediate CEO replacements at the helm, we are seeing a significant increase in corporate boards planning for CEO succession, ” said Joe Griesedieck, vice chairman and managing director of Korn/Ferry’s Board & CEO Services.
“CEO succession planning continues to be one of the most important responsibilities that the board of directors holds. Planning for CEO succession is not an individual event, but a strategic process and should be on every board’s agenda for regular review on at least a quarterly basis. Going forward, we expect to see boards of directors continue to seek regular guidance in implementing a solid CEO succession plan.”
Recent Korn/Ferry studies show that while corporate boards consider CEO succession to be one of their most important jobs, only approximately half currently have a succession plan in place.
Korn/Ferry advises CEOs and boards on successful CEO succession planning and assessment to ensure boards are prepared, rather than reacting to outside or uncontrollable forces. The Firm’s expertise focuses on validated best practices based on proprietary research conducted by its organizational and leadership development arm, Korn/Ferry Leadership and Talent Consulting.
About Korn/Ferry International Korn/Ferry International, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to attract, develop, retain and sustain their talent. Visit www.kornferry.com for more information on the Korn/Ferry International family of companies, and www.kornferryinstitute.com for thought leadership, intellectual property and research.
