CEO succession is identified as the number one priority for boards according to leadership expert Bill George. However, a report reveals that only 26% of directors and CEOs regard succession planning as a top priority, with 40% not considering it a priority at all. Tom Monahan emphasizes that boards often lose focus on succession due to distractions. Succession should be treated as a strategic process rather than a project to be implemented only in emergencies after a CEO's retirement announcement.
"CEO succession is the board's No. 1 job. In my experience, across hundreds of companies, businesses rise or fall with decisions on CEO succession."
"Succession can get crowded out if boards get pulled into crises or are distracted by other issues."
"We do see more boards and leadership teams treating succession as a process, not a project."
"If you look at companies where it's a project...that compresses a lot of important strategic activity into probably too narrow a timetable."
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