Succession Planning at Life Science Nutraceuticals

Purpose:

The purpose of this project is to gain an understanding of succession planning and what it means to plan for future leadership that is aligned with an organization’s core values and leadership competencies.

Skill Building:

You are also completing this project to help you develop the skills of research, critical thinking, teamwork, and writing a report intended for executive review. Writing is critical because, in business, it is important to convey information clearly and concisely and to develop a personal brand. Developing a personal brand is important because it is the ongoing process of establishing an image or impression in the minds of others, especially those in positions above you. Having a strong personal brand can lead to opportunities that include promotions.

Skills: Writing, Critical Thinking, Developing a Personal Brand, Succession Planning, Writing a Succession Plan Report.

Outcomes Met With This Project:

Use leadership theories, assessment tools, and an understanding of the role of ethics, values, and attitudes to evaluate and enhance personal leadership skills;

Assess the interactions between the external environment and the organization to foster responsible and effective leadership and organizational practices;

Collaborate in teams utilizing effective communication techniques;

Develop individual awareness, style, and communication skills that enhance leadership skills;

Integrate and apply analytical principles and skills to make strategic decisions.

This project is the second of three group projects. Members of the team will collaborate, acting as a self-managed team. As a self-managed team, members take collective responsibility for ensuring the team operates effectively, sets team goals, manages time, makes decisions, solves problems, communicates frequently and clearly, and meets the deadline.

Background: Your Group has been assigned to be part of the Succession Plan Committee at Life Science Nutraceuticals, Inc. (LSN).

This Committee has been hard at work for months, planning the successor for Alexandra Marvel and the rest of the executive team (largely occupied by the Marvel). They have assigned your group to complete the Succession Plan for five key leadership positions at LSN. These positions will need to be filled over the next 12-24 months. There is not an immediate need for any of them currently, but vacancies will be imminent. The preference is to fill these internally, but Ms. Marvel, the CEO, has stressed that if the right leader for a position does not exist already within the company, she would rather search for someone external to the company.

Instructions:

Step 1: Course Material

For this project, you are required to use the case scenario facts and the course material. External sources are not permitted. You are not researching on the Internet or using resources from outside the course. You are expected to answer the requirements identified below, showing the connection between the case scenario facts and the course material. Using course material goes beyond defining terms and explains the 'why and how' of a situation. Avoid merely making statements but close the loop of the discussion by explaining how something happens or why something happens, which focuses on importance and impact. In closing the loop, you will demonstrate the ability to think clearly and rationally, showing an understanding of the logical connections between the ideas presented in a case scenario, the course material, and the question(s) being asked. Using one or two in-text citations from the course material throughout the entire paper will not earn many points on an assignment. The use of a variety of course material is expected to support what is presented consistently. The support must be relevant and applicable to the topic being discussed. Points are not earned for mentioning a term or concept but by clearly and thoroughly explaining or discussing the question at hand.

Step 2: Preparation

Review the Leadership Competencies Table completed in Week Two to accompany the Job Announcement. (You may also wish to review any feedback received by your Instructor about your Table.)

Step 3: Upcoming Open Positions at Life Science Nutraceuticals, Inc. (LSN)

Read the five different upcoming positions for which your group has been tasked with filling.

As part of the Succession Plan Committee, your team has been tasked with identifying future leaders for the following five positions that will be open over the next 12-24 months:

Position 4: Executive Director, North American Division

Location: Chicago, Illinois

Reports to: President and CEO

This leader will head up the largest and most profitable division of LSN. This division is seen as the “flagship” by the other divisions since the company's roots are in the United States. This Executive Director has the “ear” of the CEO and spends a lot of time with the family. This leader is faced with spearheading the future direction of LSN in North America and is challenged with filling openings throughout the United States and Canada caused by fast growth and a retiring Baby Boomer population.

Position 5: Director of Finance

Location: Headquarters, Miami, Florida

Reports to: Chief Financial Officer

This leader oversees the day-to-day operations of the finance department. This leader is expected to aid in strategic planning with the executive team of LSN. Although a finance background is not required, this person is expected to bring a conservative approach to the strategic planning table to balance out the high-risk tolerance of the rest of the leadership at LSN. A “big picture” perspective is definitely needed here.

Recommendations:

For each of the five positions, identify the leadership competencies most important for those positions. Support your recommendations with course materials.

Summary:

Describe briefly to Alexandria Marvel why your group’s recommendations are important for LSN's future.

Reference Page: (in APA format)

Other Required Elements:

Read the grading rubric for the project. Use the grading rubric while completing the project to ensure all requirements are met to lead to the highest possible grade.

Third-person writing is required. Third-person means that there are no words such as “I, me, my, we, or us” (first-person writing), nor is there use of “you or your” (second-person writing). If uncertain how to write in the third person, view this link: First, Second, and Third Person.

Contractions are not used in business reports, so do not use them.

Paraphrase and do not use direct quotation marks. This means you do not use more than four consecutive words from a source document but put a passage from a source document into your own words and attribute the passage to the source document, using in-text citations in APA format.

In-text citations should be included in ALL SECTIONS of the report and should demonstrate the application of the course material. Note that a reference within a reference list cannot exist without an associated in-text citation and vice versa.

Provide the page or paragraph number, where applicable.

You may only use the course material from the classroom. You may not use books or any resource from the Internet.