In general, advisors should start succession planning when they hit their peak earning years.
However, the real question is this: Did the Citigroup board demonstrate effective CEO succession planning?
FORBES: How Citigroup Handled the Vikram Pandit Ouster, and What It Says About Succession Planning
Competition and self-confidence often get in the way of succession planning, but shareholders deserve more.
In succession planning, as in life, best-laid scenarios rarely play out as we wish.
FORBES: Vikram Pandit's Abrupt Exit: Was the Citigroup Board Just Doing Its Job?
Yet the story runs deeper than the lack of smart succession planning that Russell described.
Apple shareholders voted Wednesday to reject a proposal that the company adopt a written succession planning policy.
FORBES: Apple Shareholders Reject Succession Planning Proposal
For other insights and complimentary newsletters on financial planning, business succession planning, and international planning, visit www.integratedwealth.com.
They should keep in mind that succession planning is about much more than just choosing the next CEO.
This is posing a challenge that few of those pioneers have been as willing to confront: succession planning.
As a case in point, CEO compensation is increasingly being tied to specific goals that include succession planning.
FORBES: How Compensation Committees Are Preparing for the 2013 Proxy Season
And, more broadly, can we infer that corporate boards as a whole are getting better at CEO succession planning?
FORBES: How Citigroup Handled the Vikram Pandit Ouster, and What It Says About Succession Planning
There is professional management succession planning with our group of self-contained subsidiary companies.
FORBES: Peter Woo Discusses Lessons Learned From Y.K. Pao And His Own Succession Plans
Visibility into these gaps will not only aid workforce planning, but also enable more effective succession planning and recruiting.
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Succession planning is a significant issue for boards, compensation committees and investors alike.
FORBES: How Compensation Committees Are Preparing for the 2013 Proxy Season
This type of succession planning is akin to preparing for a plane trip.
FORBES: Vikram Pandit's Abrupt Exit: Was the Citigroup Board Just Doing Its Job?
Since succession planning among British companies can be tricky, the smooth handover of power is a bonus to the company.
The overriding intent that runs through all Bitcoin Foundation activity is that it be membership and community driven, including succession planning.
FORBES: Bitcoin Foundation Launches To Drive Bitcoin's Advancement
Corporate leaders also often see a portion of their bonus tied to nonfinancial measures such as safety, leadership and succession planning.
Succession planning is viewed as an opportunity to strengthen performance as well as to mitigate risks should something happen to the CEO.
FORBES: How Compensation Committees Are Preparing for the 2013 Proxy Season
Should the company have a specific succession planning goal for the CEO?
FORBES: How Compensation Committees Are Preparing for the 2013 Proxy Season
Some business owners do not know about succession planning, while others think they are too young to worry about death or incapacity.
FORBES: Identifying a Successor for Your Family-Owned Business
This firm specialises in employment services like outplacement, succession planning and coaching.
That brought a rebuke from the finger-waggers at The Corporate Library, a nonprofit that charged he has too much control over succession planning.
The boss of a big manufacturing firm, asked at a business conference about succession planning at his (listed) firm, did not miss a beat.
"Succession planning at most companies is a hollow exercise, " says David Larcker, an expert on the topic who teaches at Stanford University's business school.
Regarding succession, Ford Motor Co. takes succession planning very seriously, and we have succession plans in place for each of our key leadership positions.
Feel free to share your stories and tips of succession planning.
Should the company describe its succession planning process in its proxy?
FORBES: How Compensation Committees Are Preparing for the 2013 Proxy Season
Succession planning is often the hardest part of this process, because it requires that a leader recognize when it is time to give up power.
The study was not focused on succession planning at the firms.
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