The phrase "develop succession plans" is correct and usable in written English.
You can use it in the context of organizational planning, particularly when discussing strategies for leadership continuity.
Example: "To ensure the long-term success of the company, we need to develop succession plans for key leadership positions."
Alternatives: "create succession strategies" or "formulate succession plans."
Entry-level employees learning the ropes garner more than their share of managers' time, and those transitioning toward retirement pull executives' focus by necessity as they work to develop succession plans.
Well-run boards have always labored to develop succession plans that minimize the risks in any CEO succession.
Organizations need to develop succession plans 15 years out, which also requires talent mapping, understanding not only the talent you need to be competitive in the market today but also tomorrow, and how that talent will differ, what skills will be required, and what you must do to attract or develop that talent.
It becomes about taking a critical and active role in developing succession plans and leaders, not just sending leaders on courses and engaging in executive coaching.
Because of this, combined with his board's top priority of CEO succession planning for the organization's sustainability, he knew he had to face his discomfort to develop succession from within the executive team.
Develop a succession plan for the CEO and other top executives and provide proxy disclosure about the board's processes relating to succession planning.
Mr. Owens, 63, told the company in 2008 he was planning to retire in the fall of 2010 and has worked with its board over the last year to develop a succession plan.
After resisting pressure from analysts and investors to develop a succession plan, Mr. Greenberg said in May that he was creating a seven-member office of the chairman, with Mr. Tse and Mr. Sullivan at the top as chief operating officers with mutual authority for all operations.
Tell us: What challenges are you facing as you develop a succession plan for your family business?
Mr. Bellamy, 68, said that he planned to step down in the next couple of years, and that Penumbra is developing a succession plan.
As for the complaints that he dragged his feet in developing a succession plan, Mr. Meyer said: "I was the architect of this, the sole architect of this.
