Case Study Unexpected Departures Make a Plan B Crucial
THE PROBLEM: A chief executive departs at a pivotal moment.
Two small software firms joined in March 2004 to create SumTotal Systems Inc. The idea was to achieve greater scale for the new company, and make it an industry leader selling products that help companies train employees. By the fall of 2005, the Mountain View, Calif., company had its first profitable quarter and record revenue.
SumTotal Systems was already contemplating several other acquisitions. But just as it was hitting its stride, its chief executive, Andrew Eckert, who had come in with one of the merged firms, announced that he was accepting an offer to be chief executive at a health-care-technology company. Don Fowler, the lead outside director of SumTotal, took the call on a weekend, and the pair discussed the resignation over burgers on a Sunday afternoon. "It was a wonderful opportunity for him," Mr. Fowler says, "and a shaking event for the company." Mr. Fowler spent Monday morning setting up an emergency meeting with the other board members of SumTotal.
SumTotal did, at least, have a succession plan in place, and it was Mr. Fowler. At age 67, he spent most mornings golfing, and afternoons consulting with venture capitalists and start-ups. He had retired in 1999 after executive stints at Tandem Computers, Bechtel and IBM. He'd be a fine temporary CEO, until the new chief could be found.
THE SOLUTION: Now on the inside, Mr. Fowler began huddling with executives to get a sense of the company's growth strategy. As he learned about acquisition targets, he became more enmeshed in the company's planning and was convinced that the company should think more broadly about its markets. "I got excited about the people I was meeting," he says. "It was exhilarating."
Meanwhile, the firm's stock, despite its recent good earnings, sagged. "We had this wonderful quarter, but the stock wasn't moving because of the uncertainty over the CEO," Mr. Fowler says.
After about six weeks, the board had compiled its wish list of the qualities and talents sought in a new CEO, including experience with acquisitions. They had narrowed the choice of search firms to three, but hadn't yet signed a contract.
At that juncture, a board member gingerly approached Mr. Fowler. "This looks like your résumé," he said of the board's wish list. By now, caught up in SumTotal's strategy and growth, he warmed to the idea of taking the position permanently. When SumTotal's board offered him an official package, he accepted.
On Nov. 29, the board announced Mr. Fowler as the new CEO. Sales rose again in the fourth quarter. The stock has reacted nicely. And a top agenda item for a coming meeting of the SumTotal board: the next succession plan.
THE LESSON: A thoughtful Plan B sustains momentum in trying times.
力挽狂澜的应急计划
《华尔街日报》案例分析
问题：首席执行长在关键时刻离职。
两家小软件公司在2004年3月合并成立了SumTotal Systems Inc.。当时的考虑是新公司能够实现更大的规模效应，并成为企业员工培训产品的业内领先企业。到2005年秋季，这家位于加州的公司首次实现了季度盈利，收入也创出了新高。
SumTotal Systems正在考虑进行其它几项收购。但就在这一切有条不紊地进行时，首席执行长安德鲁?埃克特(Andrew Eckert)宣布他接受了到一家医疗保健技术公司担任首席执行长的任命。两家公司合并前，埃克特就在其中的一家工作。SumTotal的主要外部董事唐纳德?福勒(Don Fowler)在周日下午同埃克特就辞职事宜进行了沟通。福勒说，这对埃克特而言是个好机会，对公司却是一个晴天霹雳。周一上午，福勒同SumTotal董事会的其他成员召开了紧急会议。
SumTotal至少还有一套继任计划，候选人就是福勒。67岁的福勒上午多是打打高尔夫球，下午则同风险资本家和初创企业进行交流。他于1999年退休，之前曾先后在Tandem Computers、柏克德公司(Bechtel Corp.)和国际商业机器公司(IBM)担任过管理人员。在找到新的首席执行长之前，他是不错的临时首席执行长。
解决方案：现在，福勒开始频频同内部管理人员接触，了解公司的增长战略。随著他对收购目标的掌握，开始更多地参与公司规划。他还认为公司应该从更广阔的角度考虑市场。他说：“会见的这些人令我深有感触，我也感到非常愉快。”
与此同时，尽管该公司近期业绩不错，但股价却表现不佳。福勒说：“我们这个季度表现很好，但由于首席执行长人选不定，股价没能上涨。”
大约六周后，董事会编制了对新首席执行长应具有的素质和才能的要求，其中包括具有收购经验。他们将希望聘用的猎头企业的数量缩窄到3个，但还没有最后签约。
在这个节骨眼上，一位董事会成员试探性地向福勒表示：“董事会的要求同您的简历相当吻合。”现在，受SumTotal战略和业务增长的吸引，他也有了担任正式首席执行长的念头。等SumTotal董事会一发出正式任命，他就接受了。
11月29日，董事会宣布福勒担任新首席执行长。销售额在第四季度再次增长。股票表现良好。SumTotal董事会即将召开的会议中一项重要议程就是：下一套继任计划。
经验总结：考虑周详的应急计划能在困难时期维持公司的发展势头。
