The most important governance responsibility of a corporate board is to oversee an effective and orderly CEO succession process.  Thoughtful, forward planning that considers the best possible candidates, both internal and external, is imperative.  Having advised our clients on more than 70 CEO succession assignments, we have a disciplined succession planning process that can be customized to the specific circumstances of each client.  Numerous variables must be considered, such as the precise timing of the CEO's exit, the development of promising internal candidates, the availability of proven external candidates, and changing external factors that could alter the ideal CEO specification.