Richard Long, Edward G. Robinson, Loretta Young, Martha Wentworth, Orson Welles, Philip Merivale, Byron Keith, in The Stranger, 1946, directed by Orson Welles (Source: Wikimedia Commons)

Succession Planning: Boards Need to Know Their Senior Managers

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Key Concept

When a CEO leaves, his or her successor will be chosen from among internal and external candidates. Research shows that a board of directors will know surprisingly little about internal candidates, since directors have minimal interaction with executives below the CEO level — often limited to formal board presentations. Effective succession planning requires directors to become more directly involved in the organization’s talent development program.

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