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 ?
Nick Clegg, the Deputy Prime Minister, last month told MPs that there has been a "de facto" change in the succession rules.
PERTH, Australia: The British monarch's firstborn child, whether a girl or a boy, will ascend the throne under new succession rules approved Friday by Commonwealth nations, reversing centuries of tradition.
There may be cases in which companies are unable to utilize succession rules because the need for succession is unanticipated and occurs suddenly.
With Bush often dispatching Vice President Dick Cheney to a secure and separate location for security reasons, Sherman has also proposed a change in presidential succession rules.
If theories of bounded rationality account for CEO succession rules, reliance on rules of CEO succession should vary with the economic performance of the firm and should have subsequent effects on insider and outsider succession.
A suit attacking the DHCR's tenant succession rules on constitutional grounds.
It said that 'clear succession rules require external experience before family can join D and L Industries.
The current succession rules allow only men from the paternal bloodline and prohibit women from ascending the 2,000-year-old Chrysanthemum Throne.