Article: CEO Shuffle.

Boards need to plan so they draw an ace, not a joker, from the deck

The successful CEO of an electronic design company unexpectedly resigns to take another job. A surprised board of directors quickly anoints his handpicked successor as the new CEO. Eighteen months later, the board decides that CEO No. 2 isn't the right person to lead the company into the future. He resigns, and the board loses no time in choosing one of the company's top executives as its new leader.

It may sound like a nightmare, but it illustrates what experts say are key do's and don'ts of CEO successions. Boards need to spend time planning for succession, but too often don't. They ...

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