In brief: It is essential that directors adequately plan for CEO succession and that they ultimately choose a successor who can carry out the company’s future strategy.. In the fall of 2017, the NACD Nominating and governance committee Chair Advisory Council and the Advisory Council on Risk Oversight, comprised of Fortune 500 company directors, met to discuss leading practices for CEO succession planning. From the discussion—cohosted by NACD, Heidrick & Struggles, PwC, and Sidley Austin—three key insights emerged for directors:

Most relevant audiences: nominating and governance committee members, risk committee members, lead director, board chair, CEO, general counsel