Many observers consider the most important responsibility of the board of directors its responsibility to hire and fire the CEO. To this end, an interesting situation arises when a CEO resigns and the board chooses neither an internal nor external candidate, but a current board member as...

This study investigates how capital market investors assess CEO succession planning in the context of CEO turnover events. Conducting empirical tests using a manually collected sample of 676 CEO turnover cases, we find that CEO succession planning mitigates the negative association between CEO...

Many believe that the selection of the CEO is the single most important decision that a board of directors can make. In recent years, several high profile transitions at major corporations have cast a spotlight on succession and called into question the reliability of the process that companies...