Introduction -

On March 26, 2013, the Lead Director Network (LDN) met in New York City for its 14th meeting, during which members discussed CEO succession planning. Members were joined for part of the meeting by Dayton Ogden, global leader of Spencer Stuart’s CEO succession advisory services practice.

Executive summary -

Handling CEO succession is one of the lead director’s primary board duties. “The most important thing boards do is hire and fire CEOs,” said one LDN member. Shorter CEO tenure and increased shareholder interest4 make the succession responsibility an even weightier one. Members discussed six key aspects of CEO succession planning...