Review of the demographics of general counsel within the Fortune 500 foreshadows the transition that approximately 25 percent of these companies are facing in the next few years and indicates a compelling mandate for a strategic approach to the inevitable.
Succession strategies that provide smooth transitions in key leadership roles are an essential aspect of a company’s risk management profile. For the general counsel role, which carries with it the mandate for holistic risk management across an enterprise, succession planning should be a high priority. How companies address mitigating gaps in key leadership roles, and retain and develop talent, impacts investor confidence and may impact rating agency evaluations and even regulatory harmony.
