More than nine in 10 FTSE chairmen and chief executives would rate their firm’s succession planning as less than excellent, according to research from global talent management firm Korn/Ferry.

The research shows that the top drivers for potential CEOs shows that 74% see achievement as their number one motivation, while challenge and recognition were also cited by over half the respondents. Power and money were mentioned by 21% and 18% of people respectively.

Indecision and micro-management were viewed as traits that hindered CEOs, while intelligence, courage and influencing skills were seen as important attributes for potential CEOs.

Lynne Nixon, project leader and EMEA head of HR Centre of Excellence at Korn/Ferry/Whitehead Mann, says: “We have identified that CEOs are rarely driven by money, status or power but rather by achievement, challenge and recognition. These drivers are hard to spot and need to be identified using scientific methods, developed and supported in the right way.

“The impact on those organisations having to react to the departure of their CEO is all too easy to see. Against this backdrop, it is truly shocking that fewer than one in 10 of our survey base – the best of British business talent – felt their firms had excellent CEO succession planning. As the economy moves into a recovery phase and a greater turnover of CEOs takes place, firms that do not focus on succession will be left behind.”