Take CEO Succession Planning Off the Back Burner
Having a solid CEO succession plan is an important piece of corporate governance, but many boards neglect to attend to it proactively. They may hesitate out of concern for their relationship with the current CEO, because the CEO is relatively new, or due to complacency. Making transition planning a regular item on the board agenda can normalize these discussions and ensure that directors have potential candidates in mind so that they are better prepared for a sudden CEO departure.