The business environment has undergone significant transformation over the past several decades—progressing from the relative simplicity of commerce in the mid-twentieth century, to the market expansions and consolidations of the 1980s and 1990s, to the global interconnectedness of our current era.

These volatile and chaotic times are demanding more from boards and company leaders than at any other time in history and, to ensure the continuity of business, the selection and transitioning of a company's CEO has been elevated to the most important undertaking an organization can engage in.

With the complexities involved in selecting and transitioning the chief executive increasing with each passing decade, the mindset of the past ...

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