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The CFO of a long-established public company producing big-ticket consumer durables announced that he would be retiring in two years.
Rather than waiting until his retirement drew near, the CFO, with the support of the President, wisely decided to recruit his successor immediately; however, he would bring the new executive on board in a newly-created number two role as his understudy.
Our challenge was to attract a consumer industry financial executive with CFO experience to what initially would be a more hands-on role; someone who would appreciate the benefits of being thoroughly indoctrinated into the business through an 18-month grooming process before assuming the lead role. Following an extensive search, we were successful in attracting an outstanding individual who matched these criteria; the succession is currently unfolding on schedule.
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