One needs to differentiate between succession planning and the triggers that activate the plan.Normally, the concept of succession planning applies to senior management and not just the CEO.

Therefore, it is often a plan drawn up by or under the auspices of the Head of HR or equivalent or an external specialist. The plan is ultimately presented under recommendation to the board for review, amendment and ratification.

All corporations of any significance (i.e. employee numbers) should have a robust succession plan that is reviewed regularly.

The issue is then "what are the triggers that activate the plan" relating to, in particular, the CEO, the CFO and perhaps the Company Secretary.

Some of the triggers might include:

- unexpected resignation of the incumbent
- failure to achieve individual KPO for which the incumbent is responsible
- failure to deal adequately with a situation that the incumbent should have dealt with more effectively
- an incumbent's indiscretion, dishonesty, unethical behaviour, or similar
- foreseen milestone, such as age retirement
- premature or unexpected incident such as illness or accident

The succession plan should not only elaborate and identify individuals, but also processes that need to be implemented in the event that the plan is activated for any reason. In all probability, the plan will vary depending on the role. For example, the search for a CEO may be "in private" (i.e. a head hunted role) versus open advertising for other roles. Also the preparation for replacement may occur while the incumbent is still in the role.