Succession planning is an essential part of any corporation’s operations, and the role of a Chief Executive Officer (CEO) is an integral element in succession planning success.
However, as Elena Lytkina Botelho, Shoma Chatterjee Hayden, and BJ Wright point out in an article for Harvard Business Review, many companies fail to properly plan for the succession of their CEOs. This can have serious consequences for companies, as it can leave them scrambling to find replacements when their current CEOs step down or retire. Let’s look at why CEO succession planning is so important and how companies can go about ensuring they have the right person in place to take over when the time comes.
