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CEO succession refers to the process by which boards of directors ensure that their organization has the ability to sustain excellence in CEO leadership over time, with transitions from one leader to the next.CEO succession is one of key functions of a board of directors.Changing the head of an enterprise impacts company culture, board/CEO relations, and perceptions from multiple constituencies inside and outside the business. The disruption that occurs can impact performance in a positive, neutral or negative manner.here are six key outcomes of an effective CEO succession: [1]. 1  A board that is aligned on the strategy of the company and expectations of the new CEO. 2  An effective CEO in place with sufficient candidates in the pipeline (both internal and external). 3  Well-managed and minimized risks associated with CEO transition.
An effective succession plan should improve the long term profitability of a business by causing minimal disruption to its operations and enabling it to continue to function effectively during any periods of change. Succession planning is an ongoing process.A succession plan must be reviewed from time to time at different stages in the life cycle to ensure that it is up to date and accommodates changes in circumstances that may necessitate early implementation of the plan [7].state planning is the process of creating and documenting strategies to transfer wealth from one generation to the next. The testatrix (i.e. a female Will maker) or testator (i.e. a male Will maker) may seek professional advice to assist them in making decisions and drafting (or amending) the relevant documents.