From www.aicd.com.au: Succession planning is essential for effective governance and should be a continuous process rather than an event-driven one, as evidenced by recent CEO changes at major Australian companies.

Boards must carefully evaluate internal and external candidates, ensuring they have a robust strategy to address unexpected departures while maintaining organizational stability.

Successful transitions depend on pre-planning, the development of leadership talent, and a balanced recruitment process that aligns with the company’s evolving needs.