CEO succession is one of the most important decisions a board makes. Yet, most boards treat it as an event, rather than a process, giving it little weight until triggered by a performance challenge, retirement or resignation.
Until then, succession planning rarely gets attention. Most boards and nomination committees will tell you all is well. But when succession becomes real, often suddenly, that confidence can prove fragile. External searches become compressed and reactive. Internal candidates who could have been prepared are not ready. Worse, potential contenders may have left, seeing no path forward, or investment in their development.
