Let Go and Lift Up: The Secret to Succession

Why is succession planning so hard?

Last Sunday night I saw a headline that the Disney board had fired Bob Chapek and brought the exceptional Bob Iger back to assume his old job as CEO of the Magic Kingdom. 

The very next morning, I read a New York Times article on legendary GE CEO Jack Welch in which he expressed his biggest career regret: the hiring of his successor, Jeffrey Immelt.

I was a CEO. 

It was the best job I ever had.

But one day, my boss said to me, “I have a different role for you.”

Was I happy? No, not immediately.

But at the same time, we had planned for this. And importantly, I actually was ready for the next chapter of my career.

So while succession planning (and the lack thereof) makes for wonderful drama — think of the Roys of Succession fame and Shakespeare’s King Lear  — the corporate world could do with a lot less drama. And a more healthy approach. 

To that end, here are a few things my colleagues and I did to create a smooth transition. 

1\Accept That Nothing Is Forever

From 2015 to early 2021, I was the CEO of TBWA\Chiat\Day NY and lead a team and an agency that enjoyed one of the best runs in the company’s history. It was an exceptionally creative and profitable time. “I can do this forever,” I thought, “…and I’m sure everyone wants me to!” Easy, tiger. Just because you’ve been successful, and the results have been great, it does not entitle you to be “king for life.” You really must understand this. You must accept that one day you have to come off the stage you’re on and let the spotlight shine on someone else.

2\Identify Your Successor And Help Make Her Successful 

Around 2017, we brought on Nancy Reyes to help me run the agency. Nancy had complementary skills to mine. She also really believed in the agency – our brand. She wasn’t simply here to do a job. Like the best “Chiat Pirates,” she was on a mission to help build, in her words, “a dynasty.” So when the time for succession came, I knew we’d be in good hands. What I also knew was that being CEO of a creative company during a pandemic and the beginnings of the Great Resignation was not going to be easy. So I made it a point to be there for Nancy. What could I do to help her succeed? After all, I’ve spent the better part of my career guided by this philosophy: “Be the person you needed during your career.”

3\Embrace Your New Role

My new role, “Chair, TBWA NY Group,” was a blank canvas. Troy Ruhanen, our Worldwide CEO, saw great potential in all three of our New York agencies: TBWA\Chiat\Day NY, Lucky Generals NYC and 180NY. He tasked me with figuring out how to get all three agencies running on all cylinders. I must say at first, I was a bit hesitant. I was used to being a CEO. Used to structure and resources. Also used to having people follow my instructions. In this new role, I wasn’t the boss. I was, at best, a trusted advisor. And at worst, a mettlesome person from “corporate.” But I was determined to find a way to contribute in a meaningful way. And since the Summer of 2021, I’ve been able to serve in several different capacities. Sometimes I’m a consigliere to the leadership team. Sometimes I’m the head of business development. Sometimes I’m a junior copywriter banging out headlines for a deck. No matter what’s needed, that’s what I do. And since I started in this new role, I’m seeing growth from all three agencies. It’s incredibly satisfying.

.4\Develop New Skills

As I mentioned above, a big part of my new role is being an advisor. It struck me that even though I’ve been leading teams for over 25 years, I suddenly felt obligated to truly understand the academics and science of being a leadership consultant. So, I went back to school to earn my coaching certificate. What’s been incredible is that even though I knew a lot, there was so much more to learn. Today, I feel like I’m giving our leadership teams the smartest council possible.  

In truth, succession is part of your own progression. Too often we look at stepping aside as a step down. But, actually, it’s a step in a new direction. And on this new path, you start to understand that giving things up makes room for discovering new ideas and tasks that will fascinate you, challenge you – and, ultimately, help you grow.