The business and technology community breathed a collective sigh of relief on Jan. 5 when Apple CEO Steve Jobs explained his gaunt appearance as a hormonal imbalance, setting aside fears that it was a recurrence of cancer that had afflicted him nearly five years ago.
Unfortunately, Jobs has since announced he’s taking a health sabbatical until June because the hormone issue seems more complex than thought. That is giving business professors at the Wharton School grist for their advice that Apple get in place a clear succession plan.
Wharton professors note that Apple’s management wants to send the message that there’s more to the company than just Jobs (no offense intended).
Here’s their gameplan:
- When it’s time for a new CEO, promote from within. Wharton professors believe the firm has a “strong bench” and that top executives such as Philip Schiller, senior vice president of worldwide product marketing and COO Tim Cook, have already done commendable jobs sitting in for Jobs. There are more executives like them.
- Transparency is key. To allay fears on Wall Street and elsewhere Apple needs to be open about how it is going about a succession plan and who might be in it.
- Preserve the corporate culture. While it’s the that Jobs affected every aspect of the firm from marketing to design, there’s plenty at Apple that transcends any individual. Other firms with strong cultures, such as Wal-Mart, Southwest Airlines and Mary Kay Cosmetics carried forward with their mission and culture after their founders have left.
