CEO succession is an inherently bumpy process. Even when the outgoing leader has performed well and seems ready to retire, the transfer of power is fraught with sensitivities. It’s hard for anyone who thrives in the all-consuming job of a CEO to hand over the reins.
A lot of CEOs are being shown the door lately. These companies are in trouble, and their boards must select new CEOs under highly charged circumstances.
In his 1974 interview with ABC News, science fiction author Arthur C. Clarke painted a picture of how computers would change our way of life by the year 2001.
Maintaining the CEO pipeline is most boards’ top succession planning challenge. Yet even at the most respected companies with disciplined succession processes in place, well-suited candidates may be overshadowed by “safe” or “chosen” ones.