Recently I was quoted in an article titled “Why Strong CFOs Know Who Will Replace Them” by Sarah Johnson on the Proformative Website.
Here are paragraphs where I was quoted.
“It’s not surprising a company like that has that kind of planning,” says Samuel Dergel, director, executive search, at Stanton Chase International. “Most companies do not.”
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In fact, succession planning falls under CFOs’ risk management duties and their responsibility for business continuity, Dergel suggests. Just as CFOs have to ask “what if” questions about the viability of their company’s suppliers and credit risk, for example, they need to go through the possible scenarios for what would happen if they were incapacitated. “It’s the people who represent a company,” Dergel. “They are a key part, and if there’s instability in that, then the company is not stable.”
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While talk about succession planning in the corporate world usually centers around the future of the CEO role, the CFO position deserves attention as well. “The CFO is an important figure in an organization. The more important they are, the more important it is to have a succession plan,” Dergel says.
At the very least, Dergel suggests, finance chiefs should – in addition to all their other duties – give the matter some thought.
To read the entire article, click here.
