WHEN IT COMES TO THE FUTURE OF THE COMPANY, FEW THINGS ARE MORE IMPORTANT THAN PLANNING FOR THE SUCCESSION OF ITS LEADERS
Almost as soon as Luke Flatt joined AB&T Bank in 2009 as president and CEO, talks began about what the succession plan would be for him and that position. Now, as Flatt remains chairman of the board) and Perry Revell and Matt Rushton step into their new roles as CEO and as president, respectively, everyone, including shareholders and directors, can feel confident that the transition will be a smooth one.
Planning is important
so that you’ve got a path for the future,” said Flatt. “You’ve got an awareness of what the future potentially looks like, and so succession planning is no different. You assess the needs of the organization and what the organization’s expectations are long term and then you try to identify candidates who have the character traits and the ability that are necessary to take the organization where you want it to go. If you’re not doing that, then you’re really putting the organization at risk.”
LUKE FLATT CHAIRMAN OF THE BOARD AB&T
“Logistically, it wasn’t easy, but we had a plan in place,”
Mack Bryson, the chairman of the Board of Directors of the Boys & Girls Clubs of Albany, understands the importance of succession planning. Just over a year ago, Marvin Laster, the CEO of the club since 2016, began talking to Bryson about stepping down from his position. But Bryson and Laster worked together, with Laster agreeing to give the board a year to find his successor and stay on once his successor was hired to train and mentor the new CEO.
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said Bryson. Through the course of their search for a new CEO, Bryson and the board brought on Tim Wofford, who had experience working with a larger Boys & Girls Club in Alabama. Wofford is working with Laster, with plans for Laster to officially hand over the reins. “Because of Tim’s background with the club already, I fully expect him to fall right into that role and pick up right where Marvin left off because ... we can not have a drop off (in working with donors),” said Bryson.
MACK BRYSON, CHAIRMAN OF THE BOARD BOYS & GIRLS CLUB
