The sudden and unexpected death of former Tata Sons chairman, Cyrus Mistry, sparked shock in the business industry and across India. During the time of his accidental demise, he was a prominent advisor to the Shapoorji Pallonji Group. Thus, for the associates to lead the organization without his counsel was a major challenge.
In the event of death or sudden exit of a senior-level executive, there can be a significant impact on the business, as it affects everyone from the boardroom to the stockroom. This creates a crisis within the organization since there is uncertainty regarding the future and there are also complications with succession. From board members to employees, the common question might be: what is going to happen to the Company and how will I be affected? The successor should be aware of the intense feelings and take actions to alleviate them.
In situations such as this, it is imperative that a comprehensive succession strategy is in place, as well as the presence of a committed, responsible team. All too often, the solution can be as simple as giving stakeholders the reassurance and relevant information they need to establish smooth functioning. The interim or succeeding executive must have the expertise and knowledge to lead the team and a competent executive search consultant would make a positive impact by identifying the talent and help the Company to come out of the crisis.
Those in the industry may use this situation to their advantage. Hence, the succeeding leadership team to serve all stakeholders with same level of quality.