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A Primer on Corporate Governance, Second Edition by Cornelis A. de Kluyver

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Chapter 5

CEO Selection and Succession Planning

CEO Turnover Remains High

U.S. CEO departures reached a historic high—around 10%—in 2012, as the slow economic recovery continued to put pressure on chief executives to improve corporate performance.1 According to data compiled by outplacement service Challenger, Gray & Christmas, the health care and financial sectors were among the hardest hit, followed by technology. Notable companies opting to make a change at the top last year included E*Trade, WellPoint, Symantec, and Yahoo.

As they shake up the corner office, boards are replacing veteran CEOs with younger leaders with different skill sets. International experience and marketing are now among the most sought after backgrounds rather than manufacturing ...

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