Succession

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Succession

The rules of or process by which a person goes about filling a role previously held by another person. In estates, succession determines who owns the property of the decedent, with everything going to the next of kin in the absence of a will. In business, succession is the process by which one employee, especially a major executive like the CEO, is replaced by another person. In determining succession, a board of directors ought to exercise caution to ensure that an executive is not only competent, but also does not bring any conflicts of interest to the company.
References in periodicals archive ?
The notaries from the European Union which do not enforce jurisdictional attributions in the matter of successions can be notified by the inheritors, without complying with some jurisdiction rules" (Cf idem, 48).
Founded in 2009 by the current CEO, Simon Chamberlain, Succession is one of the UKs largest privately owned wealth management businesses.
When you quantify the cost of turnovers, particularly forced ones, you get a strong sense of the importance and payoff involved in getting CEO succession right.
The rise of regulatory attention to succession planning for roles beyond the corner office.
Make CEO succession planning a continuous, collaborative and board-driven process.
According to the federal Department of Justice, matters of royal succession are strictly a matter of British law that does not form part of Canadian law, and the preamble of the Con stitution Act, 1867 ensures that Canada and the United Kingdom share the same person as monarch.
6 percent of announcements that mention the board's role in the succession planning process involve an insider appointment as incoming CEO, whereas no successions that involve an outside hire reference succession planning.
Consistent with the first prediction, I find that marathon successions are more likely to occur following endogenous or exogenous shocks to the firm that directly results in the departure of the predecessor.
Therefore, this study aims to examine whether prior years' performance is associated with having succession planning in a hospital.
We also find evidence that successions in which regulators are involved are more likely to result in the hiring of outside executives.
We examine both the successions that occur after injury or illness announcements and decisions to let the CEO continue in office.
It's always been important how a CEO handles his second-in-command, but it's gotten more so lately because there's been a fair amount of churn at the top of so many big companies," says Luis Valdes, vice president of Corporate Psychology Resources, an Atlanta-based firm that advises companies on succession.

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