Influence changes. It was suggested that a past Chair of the Board of Governors of the Federal Reserve System (Fed) and former Chair of the Industrial Commercial Bank of China Limited (ICBC) were two of The Most Influential People in Finance (Bryant, 2020). Bryant now suggests that when Jerome Powell succeeded Janet Yellen at the Fed (n.d.) and Chen Siqing followed Jiang Jianqing as Chairman, Executive Director of the ICBC (n.d.) their influence shifted to those with responsibility to act. This may be obvious. But, what does it mean for the purpose of Berkshire Hathaway Inc., BlackRock, Inc., and Fidelity Investments Inc.? Influencers change. Changing bankers, executives, governors, presidents, or other positions of responsibility requires planning. Planning for the successor must be a priority. The succession plan requires forecasting. Forecasting assumes safe harbor. Safe harbor for the future expects prudence in the present. Now is the time to identify and develop the leaders emerging into tomorrow. This is a challenging theory and even more compelling practice as the clock ticks toward another second. What does this mean for retirement or the unforeseen?
Bryant, J.C. (2020 July 14). The Most Influential People in Finance. Retrieved from https://tinyurl.com/yxguvl59
Federal Reserve History. (n.d.). Jerome H. Powell. Retrieved from https://tinyurl.com/y6vuseu5
ICBC. (n.d.). Board of Directors. Retrieved from https://tinyurl.com/yaulqpxx
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