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Almost every organization needs - and has - a succession plan. But it's the quality of the plan that counts - and in too many cases, is lacking. Quick, or even ad hoc, decision making may be appropriate in certain situations, but choosing the next CEO is not one of them. Surprisingly, many organizations lack a proper succession plan. One reason is that they do not have an effective succession planning process. This author draws a detailed and comprehensive road map that every organization should use.

While it is important that a board have some directors who are independent and others who are financially literate, having a board that works - and works well -- requires a mix of directors with significant expertise and experience and the right dynamics. This author, the head of a firm that recruits directors, explains what makes a board work well. Absolutes, like having independent directors, are important, but what makes a board work really well is a mix of directors with expertise, experience and the right dynamics.