BMGT 365 6385 – Professor Dolores Klein Group # 2 Team Deliverable # 3 Succession Planning for Biotech - Part Two Eric Kart Dominque McDaniel Joshua Robichaux Maria Weaver 9-15-2019 Running Header: Succession Planning for Biotech – Part Two 1 Introduction • A description of your group's succession planning process (from both last week and this week) Mr. Barney, The Succession Planning Committee has completed the task developing a plan for the replacement of key roles within the executive management team and have provided suggestions for consideration. As mentioned previously, such planning is necessary to maintain organizational sustainability and increase the chance of success through business transitions (Flowers, 2017, para. 3, 4). Biotech’s vision to provide natural products to live a healthy life and its focus on sustainability were key considerations for each of the positions, as was the family’s desire to hire internally whenever possible (Biotech Company Profile, 2019, p.3). The company’s strategy to establish a competitive advantage through innovative ideas will require leadership that can form teams to effectively execute a shared vision, while maintaining financial stability (Rowe & Nejad, 2009). Extensive efforts were made to minimize the effects that the loss of leadership would have on Biotech and are reflected in the recommendations below (Gale, 2013, para. 2). Innovative leaders are required in today’s complex business environment and mus ...
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