Business Continuity and Challenge of Succession in Nigeria: What happens when the CEO leaves?

Abstract

Corporate succession planning has attracted considerable interest among management and social science researchers. Most of the research has been conducted in the developed countries and organizations from specific vantage points such as understanding the impact of CEO succession or successor. On balance, there is little research of leadership succession planning in most less developed countries, especially Nigeria. Succession planning is a critical tool for ensuring lasting organizational improvement. However, the biggest challenge for most organizations is how to effect a well-designed change of leadership without disrupting the organizational continuity. This paper asserts that most organizations in Nigeria will be heading for leadership transition crisis unless effective succession planning is urgently integrated into organizational culture. The paper examines what succession planning is about and the challenges associated with its implementations. The paper also reviews the strategies for developing and implementing leadership succession plans. The author used qualitative research methods to investigate leadership succession in Nigeria in both public and private sector organizations. The research reveals that most Nigerian organizations are not engaged in leadership succession planning and implementation. It is also apparent from research findings that for those that tried, the success rate is negligible. The research also revealed other issues such as culture and political complications that are entrenched in most Nigerian organizations, especially those in the public sector. These entrenched issues need to be understood and dealt with to ensure organizational renewal, business continuity and economic growth.