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Chapter The Palgrave Encyclopedia of Strategic Management 2018 Succession Management |
Although often described as an event, if succession is managed properly it is the culmination of a development process that takes place over a number of years, led by the CEO working with the board of directors. In the ideal situation several candidates will have been developed, each of whom would be more or less capable of taking on the job, depending on the circumstances and prospects of a company. In fact, companies often turn to outsiders because they have failed to recruit, train, and develop the sort of talent that might take over leadership of the organization. To avoid this failure the board must make sure that the company is managed in such a way that talent is developed along with the business.
Keywords: Leadership Development; Management Succession;
Bower, Joseph L. "Succession Management." In The Palgrave Encyclopedia of Strategic Management. Continuously updated edition, edited by Mie Augier and David J. Teece. Palgrave Macmillan, 2017. Electronic. (Pre-published, June 2016.)
