McCormick's Successful Succession Plan
More companies should develop clear succession plans for the CEO job, as McCormick & Co. (MKC) did, says Robert Lawless. He just stepped aside after 11 years as chief executive officer of the Baltimore-based spice company, in favor of a successor who had been groomed for five years. Lawless, 60, became a nonexecutive chairman of the board as of Jan. 1 to make way for Alan Wilson, who is 49. Below are edited excerpts of a recent conversation with Lawless.
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