<ul><li>Warren Buffett, at 94, announced his decision to step down as Berkshire Hathaway CEO after leading since 1970.</li><li>Buffett had a clear succession plan in place, with Greg Abel named as his successor in 2021, emphasizing the importance of future-focused leadership.</li><li>Boards are advised to hire CEOs based on their vision and growth plans for the organization rather than just past accomplishments.</li><li>To ensure smooth CEO transitions, boards should proactively establish succession planning frameworks, identify potential leaders, and regularly reassess future leadership needs.</li></ul>

What a Smooth CEO Transition Looks Like

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