Academic journal article ABA Banking Journal

"Pass the Aspirin"

Academic journal article ABA Banking Journal

"Pass the Aspirin"

Article excerpt

Every CEO has those management challenges that send them to their painkiller of choice. "Pass the Aspirin" is the answer, featuring questions from bankers answered by bankers.

If you have a management conundrum, send it to Steve Cocheo, executive editor; e-maiL: scocheo@sbpub.com; fax: 1(212) 633-1165; or snail-mail: ABA Banking Journal, 345 Hudson St., New York, N.Y. 10014.

HEADACHE

Brent Clifton, president and CEO, Grabill Bank, Grabill, Ind., asks:

"How do you provide for succession management for middle to upper management, especially if the current managers are ten years from retirement? Life insurance can help you buy expertise in the event of death, but not in the event of a termination for other reasons."

REMEDY

Earl D. McVicker, chairman, CEO, and president, Central Bank and Trust Co., Hutchinson, Kan.

All of our middle and senior managers are responsible for "training their replacement."

This provides for a smooth transition in the event of retirement. More importantly, this philosophy provides for a better environment to promote from within, if a senior officer has hired or trained a potential replacement, the senior officer is more likely to be promoted because the replacement is ready. It also encourages middle managers to be ready to step in temporarily or permanently, knowing that they are in line to replace their supervisor, whether it be for retirement, death, or health reasons. …

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