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Corporations Slow to Groom Successors

Citigroup and Merrill Lynch recently announced that their CEOs were stepping down but neither had an immediate replacement in sight. Succession is not an event but a process that takes place over a number of years, experts say, because of the scale and scope of major corporations.

Joe Bower, a professor at Harvard Business School, talks about failing to groom in-house successors with Renee Montagne.

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