Message for CEOs: choose a successor and increase your profits

The management researcher Zajac (1990) showed that firms in which the incumbent CEO had a specific successor in mind were more profitable than those companies in which no specific successor had been identified. Making direct cause and effect connections is always fraught with difficulties. Do profits follow directly from the selection of a CEO successor? Probably not. However, applying professional management disciplines and practices in a number of areas – CEO succession included – seems likely to be associated with profitability.

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