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Firms Lag on CEO Succession

Melissa Klein Aguilar | December 22, 2010

Those tasked with prioritizing their company's corporate governance to-do lists for 2011 might want to recheck them to see where succession planning falls on that list. Chances are it's not near the top, but it probably should be, according to results of a survey by executive search firm Korn/Ferry.

The vast majority of global executives report that their companies don't have a CEO succession plan in place, even though they say it's an important element of overall corporate governance. Nearly all of those polled view CEO succession planning as an important piece of the overall corporate governance process, Korn/Ferry reports. Despite that, only 35 percent of more than 1,300 respondents say their company has a CEO succession plan.

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