Prior research reports that financial performance of firms that hire interim CEO successors is worse following interim CEO appointments than those that hire permanent successors. We find that this underperformance occurs only following voluntary turnover interim appointments, which represent a...

To improve our understanding of the succession process we utilize a sample of 832 successions to examine firm and predecessor characteristics that influence the board's choice of a successor's functional and educational background. We find that outgoing CEO and firm characteristics influence the...