BTS Thailand outlines key leadership succession planning strategies
BTS Thailand recently hosted the event Honoring Henrik Ekelund: Leadership, Legacy, and Succession Planning. As part of BTS GROUP AB, a global consultancy headquartered in Stockholm, Sweden, BTS Thailand specialises in leadership development and business transformation through experiential learning and simulations.
The event brought together C-suite, top executives, various industry leaders, and experts to share insights on the future of leadership and business sustainability. The discussions underscored the importance of well-structured succession plans in maintaining business growth and adapting to an increasingly dynamic world.
Importance of succession planning
In an era of rapid change, succession planning has transitioned from a strategic advantage to a fundamental business necessity. Studies indicate that companies with robust leadership transition strategies grow 2.2 times faster than those without.
Henrik Ekelund, Founder and Chairman of BTS Group, underscored the urgency of identifying and developing future leaders early, preventing potential instability, disengagement, and financial setbacks. Many organisations delay succession planning until leadership gaps emerge, often at great cost to business continuity and long-term success.
Reflecting on his 36-year tenure as CEO, Ekelund shared that he began seriously considering succession planning a decade before stepping down. He highlighted that internal succession is preferable, reducing risk and ensuring cultural continuity.
Over time, he observed potential candidates based on key criteria such as client relationships, leadership skills, strategic thinking, innovation, and cultural alignment.
To evaluate them, he utilised:
- Real-world business challenges.
- High-pressure decision-making situations.
- Behavioral assessments and role-specific simulations.
Ultimately, his rigorous process narrowed the selection down to two final candidates.
Challenges in leadership transition
Identifying the right successor is never straightforward. Some of the key challenges Ekelund faced included:
- Defining the right selection criteria.
- Avoiding personal biases.
- Identifying potential leaders early while maintaining confidentiality due to stock market regulations.
- Preparing internal candidates while ensuring smooth business operations.
His advice? Companies must make leadership development a continuous process rather than a last-minute decision.
Actionable insights from the event
Participants engaged in dynamic discussions on best practices for leadership transitions. The key takeaways included:
- Developing internal talent pipelines: Investing in leadership development early ensures smoother transitions and higher retention rates.
- Utilising experiential learning & simulations: Real-world simulations help assess leaders’ decision-making, adaptability, and strategic thinking.
- Implementing transparent succession plans: Clearly defined leadership expectations reduce uncertainty and promote stability.
- Minimising bias in leadership selection: Data-driven approaches foster diverse and well-rounded leadership teams.
- Encouraging leadership mobility: Cross-functional experiences enhance adaptability and strategic insight.
- Empowering successors: Outgoing leaders must step back, trust their successors, and provide coaching rather than micromanagement.
Leadership succession isn’t just about replacing executives, it’s about securing an organisation’s future by creating a culture of growth, adaptability, and innovation.
To sustain success, organisations must proactively develop leaders who can navigate uncertainty, drive innovation, and address global challenges. This requires:
- Encouraging cross-functional experience to enhance leadership adaptability.
- Integrating leadership development into company culture, rather than treating it as a standalone HR initiative.
- Recognising that succession planning extends beyond the C-suite, strong leadership at all levels is essential for long-term resilience.
Arinya Talerngsri, Senior Vice President, local partner, Managing Director at BTS Thailand, provided a compelling summary of the event’s key insights:
- Future-oriented leadership development: Organisations must focus on preparing leaders for future challenges rather than relying on past success.
- Cultural alignment in leadership: A strong leadership pipeline must align with the company’s culture and values to maintain long-term success.
- Realistic leadership criteria: Companies should avoid creating an impossible superhero profile for leaders. Instead, they should prioritise essential competencies while recognising that no single individual will excel in all areas.
Looking ahead
The future belongs to organisations that invest in their people and prioritise leadership resilience. As businesses continue to evolve, succession planning will be a major factor distinguishing those that thrive from those that struggle to keep up.
By adopting a strategic and proactive approach, companies can prepare the next generation of leaders to navigate challenges with vision, agility, and confidence. As Ekelund emphasised, businesses that embed leadership development into their long-term plans will stand out in an increasingly complex world.
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