The relatively recent spate of unexpected and quickly-consummated CEO departures triggered largely by a variety of ethical/cultural-related allegations and health (and other crises) events serves as a reminder of the importance of emergency CEO succession planning, which should be tackled by every board regardless of present circumstances.
To the rescue! This new Semler Brossy Insight: "Taking the 'Sudden' Out of Sudden CEO Transition" - which notes that almost a quarter of the 59 S&P 500 CEO transitions last year were due to unexpected, pressured or health-related CEO resignations - offers a checklist-style, big-picture framework with actionable steps for the board and relevant management supporting the board on this issue to facilitate the company's preparedness in the event of an unplanned succession.
Importantly, the framework emphasizes key principles, processes & procedures, and board, board committee and management roles & responsibilities: (i) now (in the absence of any immediate need), (ii) if/when a need for succession is foreseeable, and (iii) upon a transition event - with the understanding that the plans must be fairly immediately actionable, but sufficiently flexible, to accommodate actual circumstances as they unfold.