What roles should the board, CEO, management, and shareholders play in CEO succession?
An earlier NACD report contained complementary guidance based on the experience of 24 experienced board members and advisors serving on the commission. These recommendations were consistent with the findings of the 2006 research cited above. In addition, this earlier report covered a variety of other topics, including a comparison of responsibilities, as follows: Directors: Identify board committee to oversee succession process. Discuss succession issues on a regular basis. Actively participate in candidate selection. Maintain personal economic stake in company. Ensure CEO has annual review. Openly and honestly express views and opinions. Maintain diversity of board composition. Get to know the senior management team. CEO: Actively participate in the succession process. Seek feedback from members of top management. Consult outside models of corporate succession. Ensure directors have access to senior management team. Management: Participate in dialogue with board to establish qualities
