Smart companies engage in succession planning. Exceptional companies focus on legacy creating.
Bank of America and Citigroup
When Bank of America CEO Ken Lewis and Citigroup CEO Vikram Pandit announced their departures unexpectedly and with little warning in 2009 and 2012, respectively, each organization scrambled to identify a replacement. As a result of such unpreparedness, stock prices fell, the executive team became unnecessary distracted, initiatives stalled, growth stagnated, and employees felt uneasy and uncertain.