MGMT305 CEO Succession and Selection Plan Executive Brief

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The Golden Eagle Health Diagnostics, Inc.

CEO Succession and Selection Plan – Executive Brief

4-page document in the form of an “Executive Brief: CEO Succession and Selection Plan”, in MLA format

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Text MGMT 4110: CORPORATE GOVERNANCE SPRING 2019Text – F. CÁRDENAS FINALText PAPER The Golden Eagle Health Diagnostics, Inc. CEO Succession and Selection Plan – Executive Brief You will draft a 4-page document in the form of an “Executive Brief: CEO Succession Textp.m. Thursday, May 16. and Selection Plan”, in MLA format, due via Turnitin by 11:00 Exercise Scenario: You have just settled in to your first meeting as a member of the Board of Directors of a five-year old California corporation – Golden Eagle Health Diagnostics, Inc. (“Golden Eagle”) - that manufactures health care diagnostic equipment. Notwithstanding its youth, Golden Eagle has quickly risen in its sector and has several promising, high-tech diagnostic innovations in the pipeline. Golden Eagle is not publicly traded. Its capital structure is a function of a shareholder base of just under one hundred shareholders, a few of whom are Silicon Valley health sciences investors who collectively control about 40% of outstanding shares. The company owns several patents to highly innovative diagnostic products under development that a number of Wall Street analysts have suggested could provide tremendous returns in the future. The company is not highly leveraged, so it can still incur more debt, although the Board has had some discussions about an initial public offering in perhaps five years. Since its inception, Golden Eagle has been led by its founder and CEO. To her credit, the CEO has guided the shareholders toward the election of a relatively independent board that highly respects the CEO without being her “tools.” The Chairman of the Board begins the meeting with the following startling announcement: "As you know, we've talked on this board about the need to develop a CEO succession plan. I've stated in the past my belief that the transition from one CEO to another is a critical moment in a company’s history. A smooth transition is essential to maintain the confidence of investors, business partners, customers and employees, and provides the incoming CEO with a solid platform from which to move the company forward. A properly designed and executed succession plan is at the center of any successful transition. As you also all know we have yet to develop such a plan. Well, the time to do so has arrived. I have the sad duty to report that I just found out that our CEO has informed me of her decision to resign from the company for health reasons - her last day is in six months. Somehow we need to formulate a succession plan, with limited assistance from our CEO, identify what kind of qualities we should be looking for in a new CEO, and do our best to find and select our next CEO in, ideally, six months from now." After much discussion, the board voted to task the Chair and yourself with the following responsibility: Draft a four-page Executive Brief outlining a new “CEO Succession and Selection Plan” for your company. During the discussion, the Chair whispered into your ear that she expects you to come up with an initial 4-page Executive Brief for her review, in MLA format, by 11:00 p.m. Thursday, May 16. In tackling your task consider the following: Assume your company has no existing succession and selection plan, but that it does have fairly recent strategic plan. What should be the key components of the new CEO Succession and Selection Plan and what should your company be aware of as it designs and executes the plan? Include in your Executive Brief your own suggestions concerning the specific qualities that you believe Golden Eagle should look for in potential CEO candidates. Also include some discussion of how the board might go about ranking its candidates and identifying finalists from among candidates.
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Attached.

Executive Brief: CEO Succession and Selection Plan - Outline
I.
II.

Executive Summary
Duties

III.

Strategic Plan

IV.

Compensation Strategy

V.

CEO Search Strategy
A. Internal Search
B. Outside Candidate

VI.

Post Requirements


Surname 1
Name
Professor
Course
Date
Executive Brief: CEO Succession and Selection Plan
Executive Summary
The aim is to get a successor to the firm through a process of identifying and hiring the
most talented individual. At the moment the firm needs a CEO who will fill a position that was
left vacant due to ill health of the previous Chief Executive Officer. The efforts towards the same
will take place as soon as possible as they need to be familiar with the company environment, as
well as, interact with the firm's customers. The expected time frame for this is by the end of next
month.
Experts from the human resource department will carry out the successor finding process.
The orientation period is estimated to take place within two months. The success of this process
depends on the coordination, as well as, the interviews that will take place in the organization.
The focus will be the attributes of the future CEO, and the firm's officials will hold meetings to
strategize on how they will get the same person.
Duties
The Board members of the organization with the collaboration of the Executive
committee will take the lead in searching for the future Chief Executive Officer. They will also
help in the planning process for the transition that is bound to happen in the organization. The
human resource and the information technology department will support the process through the

Surname 2
professional support they will give, as well as, the technical support needed for the process to be
successful.
Strategic Plan
In the Organization, there will be meetings that will help come up with a plan that will
help the organization strategically get a person who would help get the company on track
towards future goals.
The company will assess the strengths and weakness of the outgoing CEO so that they
can improve in the choice they make in the future. The data will help create a determination
within a month.
Compensation Strategy
The compensation for the incoming chief executive officer will contain a one month paid
holiday to a location of their choice; they will get a chauffeur to get them to the place they want
to go to as long as they are employees of the company. They will also get a personal assistant
who will be paid by the company, but they will have a choice to choose who this will be. There
will be a salary survey about this so that the firm could offer the best for the most promising
CEO. The process of the survey will be within a month. That will also enable one to come up
with a budget that will cater to the demand of the potential candidate.
CEO Search Strategy
Internal Search
The search for the Chief Executive Officer will start from the internal candidates who
work within the company. That is because they are familiar with the c...


Anonymous
I was struggling with this subject, and this helped me a ton!

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