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Running head: IVAR'S SEAFOOD SUCCESSION PLANNING

Ivar's Seafood Succession Planning


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IVAR'S SEAFOOD SUCCESSION PLANNING

Ivar's Seafood Succession Planning


Based on the roles and responsibilities of Ivars Seafood team, each member will be
involved in the succession plan and assigned responsibilities accordingly. The four members
William, Ben, Kerem, and Melissa will be assigned to new tasks that are aimed at moving the
business through a successful journey.
In succession, procedures as well as conditions to be followed shall include;
o The Directors shall consider the need to hire an Interim
Director from outside the eatery.
o The Directors shall appoint a transparent transition committee to implement the
companys Succession Policy (Rothwell, 2005).
Ben and Kerem will be the eaterys new directors.
The two directors shall;

To exercise independent judgment, that is, not to subordinate the directors power to the
will of others. This does not prevent directors from relying on advice, so long as they
exercise their own judgment on whether or not to follow it.

Oversee the affairs of the company as well as ensuring the interests of companys
stakeholders.

Directors shall amend eaterys bylaws

The directors shall approve eaterys activities as well as transactions.

The directors will comply with the companys constitution as well as decisions made and
exercise the powers only for the agenda for which they were given (Abrams, 2003).

The director is obliged to be diligent, careful as well as being well informed about the
eaterys affairs.

IVAR'S SEAFOOD SUCCESSION PLANNING

The directors will declare any interest in any proposed transaction. This declaration has to
be made prior to any transaction being entered into.

On the other hand, Melissa and Billy will be the officers of the company. In the eatery, these
officers are appointed by the board of directors. Their main task is to handle various
operations of the restaurant.
Hiring Interim officers will apply the following conditions.

Once the directors are hired, the Board shall negotiate an autonomous contractor

agreement with a defined scope of work to hire new officers.


The scope of the agreement with directors shall be determined on the basis of an
assessment of the eatery needs at the time of the management transition (Carey & Ogden,
2000).

IVAR'S SEAFOOD SUCCESSION PLANNING


References
Abrams, R. M. (2003). The successful business plan: Secrets & strategies. Palto Alto, Calif:
Planning Shop.
Carey, D. C., & Ogden, D. (2000). CEO succession. Oxford [UK: Oxford University Press.
Rothwell, W. J. (2005). Effective succession planning: Ensuring leadership continuity and
building talent from within. New York: American Management Association.