Succession Plan Risks

In: Business and Management

Submitted By marty4512
Words 1410
Pages 6
Succession Plan Risks
HRM 420 Mr. Cardillo
January 25, 2016

Quest Diagnostics
Succession planning is "a strategy for passing each key leadership role within a company to someone else in such a way that the company continues to operate after the incumbent leader is no longer in control" (Investopedia, 2016). Quest Diagnostics is "passionate about developing innovative, ground-breaking tests, products and tools to enhance patient care, provide value to our clients, and transform information into knowledge and insights" (Quest Diagnostics, 2000-2015). Due to the commitment to its customers and company a succession plan must be in place to avoid any interruptions during transition periods. Like all plans, a succession plan also runs risks; however, the following succession plan for Quest diagnostics will consider vacancy, readiness, and transition risks for the next President and Chief Executive Officer. It will also consider internal candidates and external candidates for the positions that need filling.
Vacancy
Quest Diagnostics needs to have a succession plan set in place in case the current the current President and CEO of the company retires or resigns. The current President and Chief Executive Officer is Steve Rusckowski. He is currently making "$9,266,835 in total compensation." (Salary.com) Steve is only 57 years old which means that in eight years, he will be at retiring age. Quest Diagnostics needs to plan ahead in case he makes an early retirement.
There are multiple executives that could step in as President and Chief Executive Officer. The Vice President and Treasurer is Tracy Cinco-Abela. "Ms. Cinco-Abela joined Quest Diagnostics in 2007. She earned her MBA from The Kellogg School of Management at Northwestern University and an undergraduate degree from De La Salle University in Manila, Philippines." (Madison, 2013) She is well suited…...

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