CEO Succession

Replacing a CEO does not merely create a public relations or financial loss. It involves another challenge: how can the board know that the new CEO will be the right fit for the company’s needs?

After months of discussion, five key principles were identified as guidelines for the difficult and time-consuming process involved in succession planning.

1. Succession planning must be driven by strategy.
2. The goal of CEO succession is bringing in the right leader at the right time.
3. CEO succession is a board-driven, collaborative process.
4. CEO succession is a continuous process.
5. The board must ensure that the CEO develops and encourages a talent-rich organization.

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