Help Desk: Departures of prominent CEOs show importance of succession planning

Early February was a busy time for high-profile founders and CEOs to exit their organizations. Amazon CEO Jeff Bezos announced he would leave his post, and Merck’s chairman and chief executive officer, Kenneth Frazier, shared his plans to retire. From these announcements, it appears both Bezos and Frazier, as well as their respective companies, had worked on plans to transition to a role as executive chairman for at least several years. Moreover, these instances illustrate how succession planning can secure the future of a business while freeing up the owner or CEO to explore other opportunities or interests.