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Eyes of politicos across the world are firmly planted on China this week, as current President Xi Jinping has not announced one clear successor.
Breaking with tradition, the President has revealed a senior leadership committee, rather than suggesting one or two heirs. Five appointments were made to the Politburo Standing Committee; however, the clear lack of a successor raises questions around how long Xi intends to rule.
The appointments to China’s most powerful body came as a surprise to the media too, as all of the men were in their 60s, and thus likely to retire at the same time as their current leader. This move has seemingly consolidated power with Xi for at the least next five years, with an opening for new leadership in 2022 – the BBC reports.
The issue of succession planning in business is one which needs more attention. A report from Lumesse found that succession planning is actually a main concern for Directors, with 74% of those asked labelling it as their biggest worry. Whilst it’s often the last decision to be made in a leader’s reign, it’s also one of the most crucial. Clear planning needs to be implemented far enough in advance to allow for a smooth handover. It’s also an essential part of safeguarding your legacy and protecting your brand after you’ve left your business.
