- Boards must consider contractual obligations, governance and reporting
standards, and communication strategies before replacing a CEO. - The time it takes to prepare and announce a change can be quite extended
because of legal notice requirements, negotiations with the outgoing and incoming
CEOs and the need to reach consensus within the board. - Boards need to understand the legal implications that replacing a CEO may have
for the rights of other executives and on existing noncompete agreements. - Communications about the transition in regulatory filings and internal and external
announcements need to be unambiguous while avoiding legal pitfalls
Download the full article here.
For further information, please contact:
Joseph M. Yaffe, Partner, Skadden
joseph.yaffe@skadden.com
