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Hotel Industry News |
Saturday July 4th, 2009 |
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Issue: Carlson: Succession Planning in a Pinch |
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The hospitality and travel company hadn't anticipated going outside the family for a new CEO, so there were no Plan B candidates for the top job. |
Family-run businesses usually have the benefit of a clearly defined succession plan: When Mom or Dad retires, their child assumes the top job after being groomed for it for years. But what happens when the next-in-line clearly isn't right for the role?
That was the dilemma faced in 2006 by the Carlson Companies, the Minnetonka (Minn.)-based operator of T.G.I. Friday's restaurants and Radisson hotels that had been run by the Carlson family since its beginnings as the Gold Bond Stamp Co. in the 1930s. In 2006, third-generation Chief Executive Marilyn Carlson Nelson was embroiled in a dispute with her son and heir apparent, Curtis. According to Nelson, Curtis was "imminently qualified to be a contributor but for a variety of reasons shouldn't be entrusted with the final, ultimate role as CEO." She removed him from his role as chief operating officer-effectively ending his hopes for the top post.
Nelson decided her successor would be someone outside of her family. But without any internal competition for the CEO spot in progress-after all, everyone had assumed the job was locked up-there was a dearth of obvious candidates. So with the support of Carlson's board, Nelson hired an external firm to lead the search process, which would consider candidates both inside and outside the company.
External Source - For the complete article click here
Source - BusinessWeek
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