CPI/New
Options Group
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Locations:MarylandWashington,
DC
Virginia
Filling Voids in Leadership:
Replacing Excellent Leadership as a Result of Sudden Death
A much larger bank acquired a privately held
finance company. The bank had planned for the finance company owner to
continue to run the organization even after acquisition. But shortly after
the acquisition the finance company owner died, leaving the finance company
floundering.
The
Leadership Development Challenge
With no clear succession plan or leadership
in place, emotions ran high. The bank needed to act swiftly to maintain
the value and integrity of its recent acquisition. Seeing the need for
an objective and astute assessment of leadership candidates to replace
the void in leadership for the finance company, the bank asked CPI/New
Options Group to step in and help it resolve the dilemma quickly.
CPI/New Options Group’s Response
Three current vice presidents within the organization
were identified as prospective candidates. CPI/New Options Group assessed
the leadership potential of all three executives, using 360-degree leadership
assessment and then continued in a customized coaching role with each
individual candidate, ensuring that potentially underused skills and abilities
were developed or enhanced. Each vice president had the opportunity to
complete key projects within the company to showcase his or her abilities.
The Results
CPI/New Options Group evaluated their progress
and recommended one of the three vice presidents be named CEO. The board
took CPI/New Options Group’s recommendation. Fortunately for the
bank, the new CEO not only has provided clear direction and leadership,
but also has created new revenue streams and surpassed all the strategic
goals that had been put in place for the group.
To find out how your company can improve your leadership development and other talent management strategies, contact CPI/New Options Group or speak with one of our consultants by calling 800-785-1377 or 410-785-1370.