CEO turnover has been down at some companies during the coronavirus crisis. Here’s why.

In view of executive turnover during the pandemic, Jamie Diaferia provided commentary to Forbes on how a thoughtful succession plan can help an organization sidestep a crisis caused by the departure of its CEO.

According to a new study by The Conference Board, the number of announced CEO successions during the pandemic has slowed. However, when a succession does take place, without the proper planning it could have the potential to cause major disruptions in a company. Succession plans help organizations avoid or mitigate crises caused by the departure of a CEO.

“All companies perform better when there’s stability, and losing a CEO can create a tremendous amount of instability – particularly when it’s unplanned,” observed Jamie Diaferia, CEO of Infinite Global, an international communications and reputation management firm. “In an ideal scenario, a company will plan well in advance of a transition by having a strong team beneath the CEO that is groomed to step in seamlessly. If a transition isn’t seamless you may see follow-on departures of other employees, a shift in culture, and ultimately a loss of revenue.”

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