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 percentage of CEO successions that are planned climbed to 82 per cent in the 2012-2014 period from 63 per cent in the 2000-2002 period.
If this convention is said to exist by virtue of the Statute of Westminster, it is worth asking why Australia and New Zealand do not recognize it, or rely on it, to alter the rules of successions to their respective crowns, the Crown of Australia and the Crown of New Zealand.
8 percent of successions in 2012 involved the immediate joint appointment of an individual as CEO and chairman of the board of directors.
I name the above decisions marathon successions and define them as instances where a permanent successor is not selected at the time of the CEO turnover announcement.
Notwithstanding these differences when compared to industrial firms, our evidence suggest that the implication of executive successions are quite similar.
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.
A previous colum discussed the succession crisis facing Canada's family businesses and the need for tax reform to encourage leveraged employee buyouts through employee share ownership plans, or ESOPs.
The 2013 edition contains a historical comparison of 2012 CEO successions with data from the last decade, and analyzes the relationship between CEO succession and company performance.
Recent research into nearly 300 CEO successions in Standard and Poor's 500 (S&P 500) organizations over the past 10 years shows a demonstrable difference in total shareholder return (TSR) based on relative historical financial performance versus the source of the successor (internal versus external).

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