Start with the future operating context
Succession planning is more useful when it begins with the organisation's next stage rather than a replica of the incumbent. Set out the decisions and outcomes that the incoming leader will own, the constraints they will face and the capabilities already present in the team.
The Financial Reporting Council places composition, succession and evaluation within its corporate governance framework. This is a governance reference, not evidence that one search timetable or leadership model fits every business.
Distinguish CEO and COO responsibilities
A CEO brief may focus on enterprise direction, capital priorities and stakeholder accountability. A COO brief often emphasises operating performance and execution across functions or sites. The actual division should be explicit: overlapping titles can conceal gaps in authority.
Agree reporting lines, decision rights and success measures before evaluating candidates. A leader who performed strongly in one operating model may not be the right fit for a different scale, ownership structure or regulatory environment.
Compare candidates against an agreed brief
Assess internal and external options using consistent criteria. Examine delivered outcomes, context, leadership behaviour and areas requiring support; avoid treating familiarity or a recognisable employer name as sufficient evidence.
Plan continuity alongside selection: interim authority, knowledge transfer, communication and transition support should be considered early. Agree which checks and references require candidate permission, and do not approach an incumbent's employer without explicit agreement.
Sources & context
Editorial guidance, not original survey research, legal advice or a guarantee of an appointment. Source checked on 4 November 2026.
Financial Reporting Council — UK Corporate Governance Code 2024 ↗