About 34 per cent of directors rate their boards as well as prepared for succession planning, which reveals a significant readiness gap, Chairman of Greenwich Merchant Bank, Kayode Falowo has said.
Quoting a Korn Ferry’s 2024 report, he said poor transition could lead to financial losses and governance instability, even as he cited an eight to 15 per cent drop in market value from post-board succession failures.
Speaking on ‘Multigenerational Leadership: Bridging the Gap for a Stronger Board’ at this year’s Fellows Luncheon, organised by the Chartered Institute of Directors (CIoD), he said while five generations are now active in the workforce, four are in boardrooms.
Putting a call to action, he urged corporate leaders to begin composition audits and adopt mentorship programmes on the strategic imperative for the future of leadership in a rapidly transforming world.
According to him, generational divides can create friction, misunderstanding, and missed opportunities.
However, by not allowing the divides to become barriers, Falowo urged the need to create frameworks for meaningful dialogue, shared learning, and mutual respect.
While he highlighted some of the tools and frameworks for meeting structures for generational integration, the investment banker also hinted at succession strategies for multigenerational continuity.
According to him, deliberate generational diversity in board composition, mentoring, institutional knowledge, and governance evolution balanced with continuity and succession planning serves as the core principles of multigenerational continuity.
On key insights, the Greenwich Merchant Bank boss said multigenerational boards enhance innovation and resilience.
He said strategic succession preserves knowledge and stability and hinges the longer-term benefits on stronger stakeholder trust and sustained growth.
President/Chairman, Governing Council, CIoD, Tijjani Borodo, said a strong board does not simply celebrate diversity—it integrates it, saying it sees experience not as a hierarchy but as a foundation and welcomes innovation not as disruption, but as progress.
“If you are an experienced leader, how are you nurturing the next generation without stifling their innovation?
“If you are a rising leader, how are you learning from the wisdom around you while offering bold new perspectives? Let this luncheon serve not only as a moment of fellowship but as a springboard for introspection, engagement, and commitment to the future. Leadership, at its highest form, is not about personal legacy – it is about collective progress,” he said.
He further stated that as Fellows, members are uniquely positioned to be the bridge between the past and the future.
His words: “We understand the foundational principles of governance, yet we also appreciate the changing demands of the modern workforce and society.
“We must embrace our role as conduits of continuity and change—ensuring that as leadership styles evolve, our core values remain intact.
“The true power of multigenerational leadership lies not in Isolation, but in collaboration. It is when seasoned leaders mentor with humility, mid-career professionals empower with clarity, and emerging leaders contribute with courage that we create boards and institutions that are truly strong and future ready.”
He added that the Fellows’ Luncheon was not just a moment to reconnect and celebrate achievements, but a time to explore the evolving dynamics of leadership and to collectively chart a course forward.
