Succession planning is no longer a once-a-year Boardroom agenda item or a back-pocket contingency plan. It’s a forward-looking strategic capability — and one that’s increasingly recognised as essential for organisational resilience. 

 

While Chairs remain central in setting the tone and urgency, succession today is a shared responsibility. CFOs and CPOs bring critical insight into readiness and risk, while CEOs themselves are playing an active role in shaping the leaders who will follow them. 

 

“It’s a critical task for any Chair to talk about and look at succession, for not just the CEO, but the top management layer. And if you don't make time for it, then you will be in big trouble, I think, quite quickly, because things happen,” said Andrea Gisle Joosen, a Non-executive Director at Swiss-based Zühlke Group, Criticaleye Board Mentor and former Chair of the Board at Swedish company Bilprovningen, in a recent Criticaleye Inspiring Leaders podcast. 

 

“Things happen in people's lives, in their careers, also in their capabilities, and because the company is also probably facing new challenges that you have to be ready for. So if you don't have a plan, then you are always behind. Even if you have a plan, it might not be the right one, but at least you have been thinking about it,” she added. 

 

The best-run organisations don’t wait until a crisis forces the conversation. They build succession into how they operate, using data, structure and development to ensure they’re ready — whenever the moment comes. Yet many organisations still treat it as a one-off event rather than a leadership capability. According to Criticaleye’s 2025 CPO Research, only 49 percent of businesses review their senior leadership succession plans annually, while five percent admit they never review them at all. 

 

Adam Warby, Chair of grocery technology business Ocado and executive search group Heidrick & Struggles, argued that an ongoing conversation is key for succession planning. “It can't just be annual, whether it's happening somewhat in a natural rhythm around Board dinners, or more formally. 

 

“… having the CEO themselves lead on this [CEO succession], I think, is pretty critical. We just did succession at Heidrick a year ago. I'm picking up the conversation with the now CEO, … [and] we're talking about that as well in relation to my succession. You don't want the CEO and the Chair to be going at the same time.” 

 

Leaving a Legacy 

 

It can be difficult for leaders to consider the future stewards of their businesses and allocate adequate time for succession planning given the avalanche of issues facing them in the current climate. 

 

“There’s been so much focus on gaming short-term performance, but not enough on the culture, skills and leadership we’ll need in three to five years,” said Criticaleye’s CEO Matthew Blagg. 

 

“The most important thing a CEO can build is a legacy,” Matthew continued. “It’s not just about structure — it’s about the impact and continuity they leave behind.” 

 

That commitment must be echoed across the executive team, especially in finance. The CFO’s role in succession planning is more than financial oversight — it’s about ensuring the organisation has the leadership capacity to sustain performance and navigate change. That starts with building internal pipelines. 

 

“The best finance functions actually find a way, if they've got scale, to bring their future leaders through their own pool,” said Alan Bannatyne, currently Chair of XPS Pensions Group, a Criticaleye Board Mentor and former CFO of FTSE 250 recruitment firm Robert Walters, in another Criticaleye Inspiring Leaders podcast. 

 

This mindset reframes finance as a breeding ground for leadership, not just numbers. By looking beyond traditional talent paths and investing in internal development, CFOs can turn everyday roles into springboards for succession. 

 

Carol Borg, Non-executive Director at engineering firm Ricardo and former Group CFO for QinetiQ, said: “I’ve really enjoyed working in organisations where you can foster talent from either shared service or transactional areas into business partnering roles and then onwards.” 

 

“Sometimes one can underestimate the style, chemistry and the connectivity of all the stakeholders when you get to the CFO level,” Carol continued. “That was the biggest difference for me  ... how you manage through influence, how you lead, how you connect the dots with different data sets.” 

 

While the CEO defines the leadership legacy, it’s the CPO who builds the ecosystem to sustain it, ensuring the right capabilities, behaviours and development pathways for long-term success. Succession planning, therefore, is not only about naming a replacement but about preparing future leaders who are equipped to drive the organisation’s strategy forward. 

 

“I think now we need to be looking to the future again to say ‘well, what are the frameworks that we need? How am I going to influence the Board and the executive to start to think about building for the next three to five years, instead of reacting to the situations we're in?’” said Heather Hayes, Group HR Director at Lightsource bp. 

 

“I have been incredibly lucky, particularly with RemCo Chairs, but also the Chair of Boards, ... and they have helped me interpret that piece around what they see as the long-term strategy and how they're expecting that to be delivered,” she adds. 

 

Clearly, the role of the CPO is to bridge the gap between strategy and execution, ensuring leadership transitions are smooth and aligned with the organisation’s long-term vision.  

 

Succession isn’t just about managing risk — it’s about shaping the future. When each Board and exec member plays their part, it becomes a shared commitment to leadership, culture and continuity. In a volatile world, that alignment is more than good governance — it’s a competitive edge. 

• The Role of the Chair in Succession Planning
• CFOs Building a High-performing Finance Function
• CPOs Cultivating Skills in the Senior Leadership Team