Challenges of Succession Planning
Succession planning can be a difficult process, as illustrated by the examples of two companies, Diageo and GSK.
In one instance, a CEO was ousted after a two-year tenure, resulting in a 43% decline in share price, and was replaced by an interim CEO, the CFO, to avoid a leadership vacuum.
In contrast, another company announced the COO's succession to the top job three months in advance, ensuring a smooth transition, and saw a 3.6% rise in shares, with investors noting "succession success".
“securing the best candidate… to take the company forward”
These two examples highlight the different approaches to succession planning and their varying outcomes.
Author's summary: Succession planning is a challenging process.
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