It is crucial for chief executives to plan for their departure wisely – and plan early. Although it sounds difficult to look to the future while still focusing on the present, a smooth transition is a key to company success. A well-executed transition can highlight the skill and savvy of a management team, but a poorly-executed transition will be beyond detrimental to company reputation. CEO succession can have an impact on the company’s strategic momentum, morale, reputation, and stock price.
Stephen Miles writes for BusinessWeek about the pitfalls of CEO succession planning, something that most companies fail to do efficiently and effectively. Miles sees five main reasons that this process gets placed on the back burner when in reality it should be front and center.
Read: Why So Many Companies Fail at CEO Succession Planning
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