Chancery Decides: Not Per Se Breach of Fiduciary Duty for a Board to Fail to have a Succession Plan.
I really must question the reasoning of the Delaware court as to there not being a fiduciary obligation to have in place a succession plan. I see that as one of the primary obligations of the Board, especially in light of the actuarial certainty that every CEO will die and all are at any time at risk of death by accident. In the same manner as does the British Monarchy, "an heir and a spare" should be at all times on hand. A board that does not do so risks gaps in oversight.
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