Chapter 5 examines the critical challenge of the CEO’s appointment, development and succession plan. It also analyzes the role of the board in leadership development. Many corporate crises derive from a poorly managed CEO transition process. Boards that aspire to promote respected companies should focus on leadership development, talent management and succession plans. The ability to attract and develop stellar talent is a cornerstone of good governance and driver of superior performance. This is a vital responsibility for board members and one that requires professionalism, dedication and deep knowledge of the firm and its people.