JUST SIX firms in the FTSE 100 index have deputy chief executives, leading one headhunting group to claim that the rest are missing out on valuable support for the boss and a chance to line up future leaders.
“Having a deputy CEO isn’t required under any of the corporate governance codes but it is an area where we expect to see more active recruitment,” said Neill Fry, a director at headhunter Edward Drummond.
“Poor succession planning has plagued many of the UK’s largest companies recently with the disruptions having a negative impact on shareholder value.”
Capita’s Andy Parker this month rose from deputy to chief executive, having first joined the company in 2001, in a promotion that the board said had long been part of its succession plan.
Meanwhile, Standard Chartered this year promoted Mike Rees to the role of deputy chief executive, and Nathan Bostock is moving to Santander as deputy chief exec – though the former RBS director’s additional role as chief risk officer has been hindered by concerns within the Bank of England.