Changing leaders - The board's role in CEO succession

The selection of a CEO is one of the most important- and risky-events in th e life of any company. Yet the way CEOs are chosen remains little discussed and little understood. The succession process has traditionally unfolded b ehind closed doors - some observers have even likened it to the election of a pope. To shed light on what works and what doesn't in CEO succession, the authors lead a roundtable discussion with five distinguished corporate directors: Philip Caldwell, George D. Kennedy, G.G. Michelson, Henry Wendt, and Alfred M. Zeien. Collectively, the five directors have participated in dozens of successions, either as board members or as CEOs. In a lively and frank exchange of views and experiences, the roundtable par ticipants explore a broad range of questions: What can a company do to ensu re a successful succession? How should management-development and successio n processes be managed? How should the board work: with the sitting chief e xecutive during the process? What makes for a strong CEO candidate? When sh ould outside candidates be considered? How much competition should be encou raged among potential CEO candidates? What role should executive search fir ms play? What role should former CEOs play after they are succeeded? Their conversation illuminates a corporate challenge that is as difficult as it i s important.