That planning should have already determined who would step in as an interim CEO in the event of an emergency. In light of a global health crisis, CEO succession should be in even sharper focus because of the real risk of not the only the CEO, but also the nominated replacement and other senior members of the executive team falling ill and being unavailable to fulfill their duties for several weeks. What is your CEO succession plan?Ī centerpiece of the board mandate is CEO succession. If the company offers health insurance, boards can review if any modifications or adjustments need to be made so employees can care for themselves and their families. This information should give board members visibility on the pandemic’s impact on both full-time and sub-contracted employee health and safety on a real-time basis. Next, through detailed metrics and analysis most boards have regular oversight of company safety considerations, including worker injuries or fatalities. First, make sure employees have access to reliable information about the virus through trusted, official sources. Regardless of what type of business your company is in, the most pressing issue on the board’s agenda should be the health and safety of the workforce amid the Covid-19 crisis. What can you do to ensure the health and safety of your workforce? Roughly half of them pertain to operations - basically, keeping the company’s lights on - and the other half relate to the financial state of the company. So, what should boards do in a moment of crisis such as this?īased on my decade-long experience serving on the boards of large, complex, global corporations, I’ve put together 10 questions to help guide boards at this time. Furthermore, many economists and policy makers have slashed GDP forecasts and now portend a deep global recession. Management teams and their boards are juggling a wide array of concerns right now, from the health of their workforces to volatile equity markets to shuttered debt markets. If that is true, the 2020 global pandemic presents a moment for corporate boards to step up like no other. Some say that corporate boards only have value when companies are in crisis. To get all of HBR’s content delivered to your inbox, sign up for the Daily Alert newsletter.
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