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Boards now expect a three-to-four-year process for internal CEO succession planning, with HR playing a vital role communicating with key players, developing relationships, and ensuring granular clarity around goals and expectations.

According to Russell Reynolds and Associates Australia managing director Anita Wingrove, the time spent on CEO succession planning has shifted from one-to-two years, to three-to-four.

"I think boards are really wanting to be much more proactive [in unpacking] the calibre of internal candidates, and the extent to which they've got the focused development they need to transition to CEO level," she tells HR Daily.

One driver is that the role has become more complex, and more "externally oriented", with increased media and social media attention. There's also an expectation that CEOs will not just manage stakeholders but engage with them; these demands lead to more pressure and necessitate more preparation...