INSTANT MBA: Leaders Need To Identify Their Successors Immediately

"I strongly believe one thing you need to do as a leader is start working succession aggressively from day one. If you want to take another role, but you don’t have someone ready to take over for you, you’re stuck. As soon as I got elected, I started thinking about who my successor would be. I’ve identified five people; ideally, I’d like to get 10. A lot of them are my direct reports, but some are outsiders."

Moffatt says its important to recognize that everybody has their own strengths and weaknesses and when you're ready to move on to the next big thing, it's in your best interest to put someone in charge whose qualities you admire. Even though you may not want to give up your seat to someone else you must keep in mind: change can be good, not only for the company, but for your career as well.

"I also believe that if you’re in a role too long, you get stale. Taking on a new challenge every three to five years helps you recharge."

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