"Focus Banking & Finance" piece on the importance of succession planning in bank

Carol Coultas

Source

Mainebiz

Date

12-12-2011

Pages

1, 18-19

Abstract

"Focus Banking & Finance" piece on the importance of succession planning in banks in Maine and across the country. As the baby boomer generation ages and plans for retirement, banks see succession plans as a way to minimize disruption when top executives step down. Since 2009, the U.S. Securities and Exchange Commission has required all publicly traded bank boards to create succession plans and share them with shareholders. As a part of the succession planning process, boards are also identifying internal employees who could become future leaders and cultivating their skills through appropriate training opportunities, a best practice recommended by the Federal Deposit Insurance Corporation. With sidebars on challenges that need to be addressed in order to create a strong succession plan and a list of several new top-level banking executives in Maine.

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