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Inside CEO Succession: The Essential Guide to Leadership Transition by Paul Winum, Thomas J. Saporito

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Chapter 7

Prepare for Emergencies

“Our number one priority has always been our people, and we have some new leaders in key positions—a testament to our deep bench of talent and our commitment to succession planning.”

—James Skinner, former vice chairman and CEO, McDonald's Corporation1

“It's been six weeks since the announcement, and the company still hasn't named a replacement. Shareholder groups are saying that it's a sign of weakness and unpreparedness on the part of the board.”

—William Patterson, executive director, CtW Investment Group2

Calm or Crisis?

Shareholders ended up waiting nearly three months for Bank of America's board of directors to name a successor to CEO Ken Lewis, following his surprise resignation announcement on October ...

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