What's your succession plan?

I spoke last week at the New York Bankers Association Senior Management Conference on strengthening leadership pipelines.  Succession plans and leadership development are critically important in the banking industry where the loss of a CEO will often lead to the sale of a bank.  The need is no less important in other industries.  Developing a firm’s future leaders is the best way to make sure that there is strong continuity in management and culture.
How would your organization respond to a sudden CEO or executive loss?  Would the board have a plan and a process to follow?

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