Succession Plan Part 1 - Group 4

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1 Succession Plan - Group 4 Melissa Aguilar, Timothy Conforti, Davinder Kaur, Monica Ratcliffe, Sophie Villamar BMGT 365: Organizational Leadership Professor, Jackson November 9, 2023

2 Introduction Succession planning is a critical component of organizational sustainability and growth. An effective succession plan is a strategic tool that will ensure that LSN has a source of qualified leaders to fill key positions when they become vacant, to secure the company’s future leadership and success. Succession planning will give assurance to shareholders, employees, and associates that business will proceed no matter the situation that arises with senior leadership. Two key elements of succession planning are to ensure organizational sustainability and transition success (Flowers, 2017, para 2). The leadership competencies that are important for LSN are customer-centricity, innovation, sustainability, and knowledge. These competencies show how LSN plans to grow and become a leader in the field of health and wellness. By aligning the succession plan with the specific leadership competencies, the individuals who possess the qualities necessary for LSN’s continued growth and success will be identified. Succession Planning as part of Mission, Vision, and Strategy The mission and vision statement of LSN, is to achieve market leadership while also aiding with achieving their ultimate health and well-being, with the most natural, affordable, and effective products (LSN Company Profile, para. 15). LSN needs a strategic leader who can envision the future even under the present circumstances and align with the mission and vision of the organization. (Rowe & Nejad, 2009, para 19). The successors in each role should contribute directly to achieving the Mission and Vision goals, the alignment will ensure a strong, unified organization poised for continued growth in the industry (Trapp, 2014, para 11). LSN’s strategy is to find the best candidates so that the growth potential of the corporation is beyond any expectations while branching off into other markets. LSN emphasizes

3 adaptability with a flexible three-year planning pattern, with a focus on innovation, competitive advantage, quality control, and environmental responsibility. The Succession plan should align with this by identifying leaders who can: be a driving force in the expansion to Saudi Arabia while maintaining quality and environmental responsibility, drive innovation in product development, embrace flexibility and quick decision-making to respond to changing market preferences (LSN Company Profile, para 16). Strategic thinking is a fundamental aspect of the succession planning process. It involves anticipating future leadership needs, identifying potential successors, and aligning their development with LSN’s strategic goals. Through strategic thinking, LSN can ensure that the right leaders are in place to navigate the company toward its objectives and be prepared to fill the key positions when needed (Bianca, 2021). Recommendations Sales Director, Middle East (Saudi Arabia) The leadership competencies that are most important for this position are: global/cultural intelligence ( Canwell, Stockton, Dongrie, & Neveras, 2014, p. 12 ) , patience (Leadership Competencies, 2008), investment time in people and feel the marketplace (Morgan, 2016), and cultural sensitivity (Leadership Competencies, 2008). The new sales director will need to know that Saudis are more interested in the people they are working with than with deadlines, and they have slow business processes, which is why patience is a key competency in this position. (“Cross Cultural Management Guide to Saudi Arabia”, para 2). One of the most important competencies that the sales director of the Middle East division needs to have is the cultural norms of conducting business. LSN needs to have someone that is aware of the cultural and

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4 business differences from the United States, in order to bridge the cultural and language gaps to establish the new division (“Cross Cultural Management Guide to Saudi Arabia”, para 6). Director of Research and Development Leadership competencies important for the Director of Research and Development are increasing capacity to learn, creativity, risk-taking, problem-solving skills, and managing change (Leadership competencies, 2008). This position will need a leader that can Adapt to and guided the organization through evolving scientific and market trends, is willing to explore innovative approaches with creativity, and is committed to stay informed and continue learning about the latest developments in the industry (Scenario, Position #4). The candidate that has all competencies mentioned above, will be able to navigate the position’s needs and demands. VP of Headquarter Operations VP of Headquarter Operations need to have the ability to build and maintain relationships, developing others’ talents, communication skills, and cultural sensitivity. The VP of Headquarter Operations will need to be able to delegate tasks as well as have the ability to problem-solve issues that arise within different departments and amongst those departments. The development of others’ talents is also an important part of this position because it shows that this leader is also interested in making the company better through its own employees and not just by profits and gains. The VP of Headquarter Operations should have a visionary leadership style by mobilizing people toward the vision of the company (Stevenson, n.d., para 10). Executive Director, North American Division The learning competencies important for this position are valuing diversity, setting a vision and strategy, communication skills, and being optimistic and resilient. The Executive Director needs to have great communication skills in order to better convey the mission and

5 goals of the company without being too technical. The leadership style that the executive director should have should show an affiliative style by creating harmony and building emotional bonds (Stevenson, n.d., para 10). The Executive Director also needs to be able to read people and make sure they are a good fit for the company and the vision and strategy that the company has implemented. Director of Finance The Director of Finance needs to have the capacity to learn more financial processes, value-added technical or business skills, managing change, and problem-solving. The Director of Finance needs to be able to manage the budget amount of the company and come out with a budget on a yearly basis. This position will need a director that can multi-task and plan the budget for the business yearly and in advance. The position requires to oversee a group of planners that are able to budget and note where the money is being spent and where it needs to be invested in for the company. Summary The recommended competencies provided for each of the five positions are essential for LSN’s pursuit of aligning leadership with the company’s vision, mission, and strategic goals. For the Sales Director in the Middle East, the competencies are essential to navigate the Saudi Arabian market, honor local culture, effectively conduct business, and exceed customer expectations, fulfilling LSN’s strategy of meeting the product demands of Saudi Arabia. The Director of Research and Development must embody competencies in risk taking, problem- solving, creativity, and willingness to continue learning to lead product innovation, ensuring that LSN remains a leading provider of safe and affordable products.

6 The VP of Headquarter Operations necessitates competencies in relationship-building, communication skills, leadership development, and cultural sensitivity to harmonize diverse departmental subcultures and ensure coordination between all departments. The Executive Director for the North American Division requires competencies in valuing diversity, setting a vision and strategy, communication skills, and being optimistic and resilient, in order to uphold company values and spearhead the future direction of LSN in North America. For the Director of Finance, competencies learning more financial processes, value-added technical or business skills, managing change, and problem-solving are vital to balance financial strategy conservatively, ensuring financial stability and growth. These leadership competencies are indispensable for advancing LSN’s growth, innovation, and commitment to sustainability, making these recommendations essential for the company’s enduring success and expansion.

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7 References Bianca, A. (2021, Jan 1). Why is Strategic Thinking Important to the Success of Business? Bizfluent. https://bizfluent.com/why-is-strategic-thinking-important-to-the- success-of- business.html Cross Cultural Management for Saudi Arabia . (n.d.) Commisceo Global. Retrieved November 7, 2013 from https://www.commisceo-global.com/resources/management-guides/saudi- arabia-management-guide Flowers, J. (2017, Oct 10). 9 Tips for Effective Succession Planning. Council on Accreditation. https://coanet.org/2017/10/9-tips-for-effective-succession-planning/ Life Science Nutraceuticals, Inc, Company Profile. UMGC. Rowe, G. & Nejad, M. (2009). Strategic Leadership: Short-Term Stability and Long-Term Viability . Ivey Business Journal. https://iveybusinessjournal.com/publication/strategic- leadership-short-term-stability-and-long-term-viability/ Stevenson, H. (n.d.). Leadership Style, Emotional Intelligence, and Organizational Effectiveness. Cleveland Consulting Group. https://www.clevelandconsultinggroup.com/articles/leadership-style-emotional- intelligence-organizational-effectiveness.php Trapp, R. (2014, Mar 23). Successful Organizations Need Leaders At all Levels . Forbes. https://www.forbes.com/sites/rogertrapp/2014/03/23/organizations-need-leaders- at-all- levels/?sh=590b8203ab17

Succession Plan Part 1 - Group 4

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