6.

CEO Succession: The Ultimate Decision

Leaderless teams are not unknown. The Orpheus Chamber Orchestra performs Beethoven symphonies without a conductor. Special forces conduct combat missions without a commissioned officer. Yet these are the rare exceptions. Virtually every team—whether a rowing crew seeking a championship or a company executing a strategy—requires a capable leader. Even in an era of enhanced board leadership, picking the right replacement for a departing chief executive remains critically important at the corporate apex. That said, chief executives are often not inclined to place succession at the top of the boardroom agenda. In some cases, they are too consumed with day-to-day affairs; in others, succession seems too far ...

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