What Are The Benefits of a CEO Succession Plan?

When it comes to business, patience isn’t much of a virtue anymore. Companies are looking for rapid growth and success. More pressure is put upon employees and leadership to perform and produce at a high level immediately. Although expectations can be quixotic at times, that’s the world we live in. This concept is especially true for CEO’s with CEO departures numbers increasing dramatically over the past two years. In January, CEO departure increases reached a new peak with 131 CEOs departing their company, according to Challenger, Gray & Christmas Inc.

Some companies do require a change of leadership and others may be pulling the trigger too quickly, but no matter the reason, every company needs to have a CEO succession plan in place.