succession plan

succession plan
succession planning UK US noun [U] HR, WORKPLACE, MANAGEMENT
the process of finding suitable people and preparing them to replace important executives in an organization when these executives leave or retire : »

A lack of succession planning is the main reason so many family businesses break down.

succession plan noun [C]
»

The company has a succession plan in place for the retirement of the chairman.


Financial and business terms. 2012.

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