Dfghj
HBR CASE STUDY
Indispensable
DANIEL VASCONCELLOS
Edward Bennett is a talented CEO with a lot on his plate. But he’s not getting any younger, and his board can’t get him engaged in succession planning. T
om Calloway, nonexecutive chairman of Astar Enterprises, put the phone back in its cradle as gently as he could, given the circumstances. He had just finished yet another difficult and unsatisfactory conversation with Edward
Bennett, Astar’s CEO, about succession planning. Calloway wheeled his chair around and looked out over the stunning view of Boston Harbor. His 25th-floor office at Pedigree Investment Partners was smaller than the one he’d had at Puritan
Bancorp before retiring as CEO four years ago, but he’d brought his impressive mahogany desk with him, and the table in the corner displayed a career’s worth of “tombstones”from major deals he’d done during his career at Puritan.
Calloway had joined the board of
Astar, a highly profitable consumer
products company, eight years ago and had taken over as chairman shortly after his retirement from Puritan. He enjoyed a strong working relationship with Bennett. Although they didn’t always see eye to eye, they had always been able to work out their differences. Regarding
Astar’s strategy and financial matters,
Bennett was invariably open and transparent. The CEO held the reins a little tighter on management and organizational issues, but as he continued to deliver results, the board was inclined to let Bennett follow his instincts. The topic of succession planning, though, was another matter.
“What does he think he is, immortal?”
Calloway thought to himself. After 18 months and several conversations, Bennett had grudgingly agreed to prepare
HBR’s cases, which are fictional, present common managerial dilemmas and offer concrete solutions from experts. september 2006
37
YEL MAG CYAN BLACK
by John Beeson
H B R C A S E S T U D Y • Indispensable
a
Indispensable
DANIEL VASCONCELLOS
Edward Bennett is a talented CEO with a lot on his plate. But he’s not getting any younger, and his board can’t get him engaged in succession planning. T
om Calloway, nonexecutive chairman of Astar Enterprises, put the phone back in its cradle as gently as he could, given the circumstances. He had just finished yet another difficult and unsatisfactory conversation with Edward
Bennett, Astar’s CEO, about succession planning. Calloway wheeled his chair around and looked out over the stunning view of Boston Harbor. His 25th-floor office at Pedigree Investment Partners was smaller than the one he’d had at Puritan
Bancorp before retiring as CEO four years ago, but he’d brought his impressive mahogany desk with him, and the table in the corner displayed a career’s worth of “tombstones”from major deals he’d done during his career at Puritan.
Calloway had joined the board of
Astar, a highly profitable consumer
products company, eight years ago and had taken over as chairman shortly after his retirement from Puritan. He enjoyed a strong working relationship with Bennett. Although they didn’t always see eye to eye, they had always been able to work out their differences. Regarding
Astar’s strategy and financial matters,
Bennett was invariably open and transparent. The CEO held the reins a little tighter on management and organizational issues, but as he continued to deliver results, the board was inclined to let Bennett follow his instincts. The topic of succession planning, though, was another matter.
“What does he think he is, immortal?”
Calloway thought to himself. After 18 months and several conversations, Bennett had grudgingly agreed to prepare
HBR’s cases, which are fictional, present common managerial dilemmas and offer concrete solutions from experts. september 2006
37
YEL MAG CYAN BLACK
by John Beeson
H B R C A S E S T U D Y • Indispensable
a