Crisis At HBL

The board of HBL, a privately-owned media holding, is to hold an emergency meeting to discuss a leadership crisis that emerged when the CEO was unexpectedly admitted to hospital and subsequently submitted his resignation. Ten months earlier, the board had started the succession process after the incumbent shared his intention to step down at the end of his second three-year term. Two out of five internal candidates were identified as the most promising and were appointed Managing Directors, reporting to the CEO. The plan was to evaluate them after six months and make the final decision. In the meantime, an external candidate – the CEO of a smaller media company – approached the founders, expressing an interest in the position. The board must now decide how to ensure effective leadership.