Growth is the cornerstone of corporate strategy. Leaders who can drive corporate growth while motivating the workforce are in high demand. That said, finding the next CEO can be a daunting challenge for the board. Whether the precipitating issue is an impending retirement, nonperformance or just that the skill set is no longer a match – CEO succession planning is generally one of the most important decisions that the board of directors must make. Not undertaking succession planning or not undertaking it deliberately and thoughtfully can result in serious threats to a company’s health. Moreover, if the board does not step up to the plate and do its job, shareholders will – as seen in a number of recent headlines.
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