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Chapter 12: Strategic Leadership (SL) - page 12 / 25

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Managerial Succession

Benefits of Internal Managerial Labor Market

Leads to continuity and continued commitment to firm’s vision, mission, and strategies

Insiders are familiar with company products, markets, technologies, and operating procedures

Reduces turnover of existing personnel many of whom possess valuable firm-specific knowledge

Favored when the firm is performing well

Benefits of External Managerial Labor Market

Long tenure with the same firm is thought to reduce innovation

Outsiders bring diverse knowledge bases and social networks, which offer the potential for synergy and new competitive advantage

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