Succession planning expert says sustainable development is a concern

Chinese family businesses are looking for leaders for sustainable development and international competitiveness now that the decades of economic boom that coincided with China's reform and opening-up have ended, according to a senior executive of global executive search and assessment firm Russell Reynolds Associates Inc.

"Now we are in an era of globalization and information," said Clarke Murphy, CEO of Russell Reynolds Associates. "These are moments of change, where family businesses need either a technical skill or a cultural understanding of the outside world. The more quickly companies expand, the more leadership and management they will need."