A successor who’s got the turnaround expertise the company is seeking will find a stiff challenge in executing an about-face for a brand that has experienced a spectacular fall over the last few years.
Shortcuts promise an earlier arrival, reduced effort, or less expenditure for a similar outcome. But it's difficult to foresee their risks until they suddenly emerge. Such is the case with CEO succession planning.
American Express chairman and chief executive Kenneth Chenault will step down on Feb. 1 next year after 16 years as CEO, as the company’s board of directors announced it has appointed 32-year AmEx veteran Stephen J. Squeri as its next CEO and chairman.
Karl-Thomas Neumann has stepped down as chief executive of GM’s European subsidiary Adam Opel GmbH, and his successor, Michael Lohscheller, will have to grapple with how to turn the money-losing ship around under the helm of Groupe PSA.
A survey of 300+ CEOs conducted in early May shows declining confidence in business conditions, even as economy reopens in many parts of the country and around the world. But there could be a silver lining.