Urban Land Associates along with Russel Reynolds Associates released a report recently which includes a survey of 235 senior executives from a major real estate firm in the US. 89 percent of the respondents feel that many real estate firms do not have adequate CEO
succession plans.
The report says that although there are many plans in place for the companies, there are only a few of them which have the relevant constituents for them to be a success. About a third of the respondents were not confident that their company would be able appoint a new CEO immediately.
48 percent of the respondents said that their firms review CEO succession plans on a yearly basis. This is a huge void in the industry which can turn into a huge opportunity as effective plans would result in the assurance of the employees and the stakeholders in the firm.
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