March 3, 2010 – CTV News – Toronto, Canada
Bill Thomas was just 41 when he took over as chief executive officer of KPMG LLP in Toronto last year. He’d barely begun warming the seat before he began the process of grooming a successor for the audit, tax and advisory firm.
It may seem surprising for someone with expectations of a long career to be worried about who will come next.
But it’s an astute move: With many of the current generation of leaders reaching retirement age, companies know they have to prepare younger employees to take over top jobs.
While 71 per cent of U.S. and Canadian companies say they have succession plans, just over half -54 per cent – have curtailed or let their plans lapse in the past year, according to the survey of 212 large organizations done by recruitment and executive coaching company OI Partners Inc.
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