What Steve Jobs Teaches Up About Succession Planning
Apple announced this week that Steve Jobs had resigned as CEO. Steve Jobs is the creative genius behind the technology company and it’s public face. The announcement seemed to catch many off guard. The media is speculating about what will happen to Apple’s stock and the company’s future. Fortunately, the company had a plan in place.
In its announcement, Apple stated that “Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.” That is exactly what the Board did and Mr. Cook is now the CEO of Apple. What is important to note is that Apple had a succession plan in place in the event that Mr. Jobs died, resigned or could no longer serve as CEO. Unfortunately, many companies do not have a succession plan in place. Not having such a plan in place can lead to disastrous results, including the failure of a business