Americans are still reeling from the economic crisis that peaked in 2009. That meltdown, however, could pale in comparison to the disaster poised to strike Fortune 500 companies, according to a new book released this week by America’s Top Coach(R) Stephen Xavier (http://www.americastopcoach.com). 

In Not on My Watch: A Leader’s Guide to Navigating the Impending Retirement Bubble Disaster, Building a Bench and Leaving a Legacy of Success (BookSurge Publishing, ISBN

1439261857 – available at Amazon.com), Xavier paints a stark picture of the knowledge vacuum that even now is being created as Baby Boomers retire from executive leadership positions.

 Xavier, whose 20 years of experience coaching and mentoring Fortune 500 clients worldwide have made him a trusted advisor for top executives, says the root of the problem is business leaders’ failure to take charge and implement concrete succession plans. Those plans could help today’s experienced leaders prepare the next generation to steer their companies to greater profitability and growth. In the absence of succession planning, however, emerging Generation X and Millennial leaders are woefully unprepared to step into leadership positions being vacated by soon-to-retire Baby Boomers. That spells disaster for the hundreds of companies that will soon find themselves without competent executives at the helm.

 ”Succession planning should not be just a corporate buzzword,” explained Xavier, president and CEO of Cornerstone Executive Development Group, Inc.

(http://www.cedg.com). “It is a necessary and critical process that involves identifying, evaluating and preparing an organization’s future leaders, building bench strength, and weeding out seemingly promising younger executives who, on closer inspection, may not possess the leadership qualities necessary to guide a company through transition.”

 Xavier blames traditional business education and out-of-synch HR training programs for failing to prepare emerging executives for leadership roles. “Generic corporate training programs and B-school curricula with little real-world relevance have turned out future leaders that lack the fundamental skills needed to keep a company afloat

– basics like understanding how large, complex organizations work, tackling conflict head-on, making decisions and managing timelines,” Xavier says.

 How can companies begin preparing for the inevitable vacancies Baby Boomer executives will leave? As with other corporate processes, responsibility falls squarely on the shoulders of the current leadership team. Executives must identify, mentor and coach emerging leaders. If bench strength doesn’t exist within a company, executives need to look outside to identify and attract the talent needed for when Boomers depart — a task that should prove extremely fruitful, given the record numbers of strong candidates who are currently without jobs.

 ”The clock is ticking,” Xavier concluded. “An improving economy means recovered investment values for Baby Boomers, and that’s all many of them have been waiting for before exiting. They’ll be out the door soon, and their wealth of knowledge and experience is leaving with them. The time for action is now.”