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The DDB Worldwide Communications Group in New York is reorganizing top management as part of a planned succession.
They must involve more than one family member, and there has to be a succession, or a planned succession, from one generation to another.
But in a planned succession (which typically involves a retirement), the outgoing CEO can help the incoming one adjust to and understand the company.
Start well in advance of a planned succession by engaging the board in a strategic alignment process to define short- and long-term business priorities.
The CEO Success study shows that outsiders not only are increasingly seen as a viable option in a planned succession but also may perform better.
The survey of the 2,500 largest public companies around the world found that 22% of CEOs hired in a planned succession over the previous four years came from outside the company.
Similar(50)
An LSE spokesman insisted that the decision to replace Furse as chief executive was "completely mutual" and an "entirely planned succession process".
Remember, Romney did not leave Bain Capital as part of a long-term, planned succession process.
He retired in December 2004, when he handed over the reins to Brian Williams in a long and carefully planned succession.
Mr. Graves developed a plan of succession five years ago, when he named six partners.
WellSpring requires its companies to submit a plan for succession within nine months of purchase.
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