Virtuosos distinguish themselves by exemplifying E5: excellence, expertise, experience, enterprise, and ethics. They force people to take them seriously. They don’t raise the bar—they set it for everyone else. They serve as gold standards...
Historically, incumbent CEOs anointed their successors, but that all changed in the post-Sarbanes-Oxley environment that required the consideration of the entire board. Now the CEO’s job involves preparing one or two strong internal candidates—ensuring leadership continuity and the CEO’s legacy. However, selecting the right person from among internal and external candidates remains the single most critical task the board has.