Succession Planning: The most critical work for the Board

I read a article about succession planning of companies. Actually, I didn't read something like this article. In Korea, the succession of CEO is almost same as the succession of ownership. Because Korean enterprisers have an unusual concept that their children should succeed their businesses. But the article says that the planning of succession is very critical work. In America, there is many boards, but few boards are planning the next generations of their CEOs or managers. If they don't prepare this project, their company can be bankruptcy soon. The CEO's tasks are so important that these can influence the possibility of the company's survival.
Today, many major companies in America, are going bankruptcy because of the errors of poor CEOs. When Boards don't prepare for the succession of CEO, they can make mistakes in the process of selecting their new CEO. And this can cause a disaster to their company.
Then, why the boards have difficulties in deciding the planning? The main cause is the lack of well-defined process. When they pick their CEO, they just look at the candidates' talented resume and it's the final of their planning. But resume is not important thing. The adaptability of candidates is more important. The main cause of bankruptcy is not a absence of talented CEO, but it is a disorder of important processes.
We have to know our leaders. It isn't limited to a business abilities, but it also includes the leader's families and their states of health, and their hobbies. You might think this is no use, but the success of key to company is the stability of the CEO.

reference: http://www.businessweek.com/managing/content/mar2008/ca20080325_494855.htm?chan=careers_managing+index+page_top+stories

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