For years, the idea of grooming a successor was a job requirement of a chief executive and a priority for a company's board, who both wanted a smooth transition.
That is no longer the case. Corporate governance specialists say that succession plans at many companies are sparse, and directors are increasingly turning to outside candidates when a chief executive leaves suddenly or is dismissed.
... A result is that for a variety of reasons, several prominent corporations that typically promote chief executives from within have turned to the outside to fill their top spot in recent years, including Boeing, Chrysler, Con-Agra, Ford, Hewlett-Packard and 3M.Take a look, it's worth a read. I don't completely agree, but it is true many more situations involve a turnover without an heir apparent waiting in the wings.
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Newsday
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