Serious gaps revealed in CEO succession plans
A new study, 2010 Survey on CEO Succession Planning, revealed that more than half of the companies surveyed could not immediately name a successor to their chief executive officer, should the need arise. Heidrick & Struggles and Stanford University's Rock Center for Corporate Governance surveyed more than 140 CEOs and board directors of North American public and private companies.
Stephen A. Miles, vice chairman at Heidrick & Struggles, says: "Not having a truly operational succession plan can have devastating consequences for companies--from tanking stock prices to serious regulatory and reputational impact."
Among the key findings:
* While 69 percent of respondents think...
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