One of India's leading economists has spoken about the importance of effective succession planning for businesses in the country. Dr Y.V.Reddy, former Governor of the Reserve Bank of India, said corporate leaders have a duty to ensure that they leave their organisation in capable hands after stepping down. According to the Times of India, Dr Reddy made his comments during a recent conference entitled Leadership and Corporate Governance in Turbulent Times at the University of Hyderabad. He suggested India's traditional business models can lead to problems in succession planning because family members are often selected to replace an outgoing leader, regardless of their suitability for the role. "A good leader is one who is able to ensure there are better leaders after him," the expert commented. Dr Reddy became the 21st governor of India's central bank in 2003 and stepped down in September 2008, when he was succeeded in the role by Duvvuri Subbarao.
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