Rocky Witz, the visionary leader behind the Chicago Blackhawks and President of Wirtz Corporation, along with his Co-chairmanship of Breakthru Beverage Group, left an indelible mark on his organization until his unexpected passing in July 2023. The swift transition of power to his son, Danny, who now assumes the roles of Chairman of the Chicago Blackhawks and President of Wirtz Corporation, sheds light on the importance of succession planning in today’s dynamic business landscape.
Such succession tales aren’t unique. Even industry giants like McDonald’s Corporation weathered the loss of two CEOs within a year, emerging stronger than ever. These scenarios prompt a crucial question: How can modern CEOs empower high-potential individuals within their teams and ensure a smooth transition in times of change?
Some CEOs have streamlined middle management, inadvertently leaving limited room for promotions. Meanwhile, others have proactively developed robust programs to nurture their high-potential talent pool. Forward-thinking companies with successful succession plans understand that retaining exceptional talent requires a clear career trajectory. Their millennial CEOs and top leaders champion a coaching culture that guarantees every team member has a tailored professional development plan.
In coaching sessions between supervisors and staff, conversations revolve around:
- The company’s overarching goals
- The individual aspirations of the team member
- Specific unit objectives
- Performance feedback and brainstorming for growth opportunities
- Agreements on steps for continued learning and development
- Support mechanisms provided by leaders
- Tracking progress and setting future objectives
This represents just one facet of a comprehensive coaching culture. For a truly effective succession plan, millennial CEOs and top leadership teams must embrace the lessons learned from leaders like Rocky Witz, creating an environment where coaching and development are paramount.
Chuck Scharenberg is the Founder of More Profit More Freedom, a consultancy that empowers CEOs and their teams to drive large-scale growth by integrating People, Strategy, and Execution components, with a strong emphasis on Execution.