Chapter Six
The Right CEO and Succession
Early in 2003, a respected director made headlines by stepping down from the board of a Fortune 50 company. He didn’t leave because he suspected fraud in the company’s accounting; he stepped down because the CEO was not forthcoming about succession plans, despite the board’s repeated requests for information and discussion. Seeing that the CEO was intent on choosing his own person for the job, this director, a well-regarded, high-performing CEO in his own right, no longer felt comfortable representing shareholders.
The director was convinced that the board, not the CEO, must own the decision and the process for choosing a company’s chief executive. Indeed, his own company had an exemplary succession process ...
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