Karen Francis DeGolia and Penny Herscher discuss how boards can approach CEO succession as an ongoing process, develop internal candidates, manage founder and activist dynamics, and rethink leadership needs in an era of AI and rapid change. Recorded at the inaugural Boardroom Governance Summit in Healdsburg, California, on August 27, 2026.
(0:00) Introduction to the inaugural Boardroom Governance Summit
(02:18) The Board’s Role in CEO Succession: why succession is about more than hiring and firing the CEO, and why boards should think about the entire executive management team
(04:57) Is the CEO You Have Today the CEO You Need Tomorrow? How rapid changes in markets, technology, and industry can change the leadership profile a company needs
(06:31) Why Succession Plans Fail: boards know succession is important, so why are so many still unprepared?
(07:54) Succession as an Ongoing Process: why the conversation should begin on the first day of a CEO’s tenure
(09:23) The Emotion of CEO Succession: ego, fear, trust, and why succession can become one of the most difficult conversations between a board and a CEO
(11:14) Who Owns CEO Succession? The role of the board chair, Nom/Gov Committee, Comp Committee, and other board leaders
(13:24) Developing Internal Candidates: how directors can build relationships with senior executives and assess whether they could realistically become CEO
(14:57) The P&L Test: if operating experience is essential for the next CEO, boards need to create those development opportunities years in advance
(17:53) Private Equity and CEO Succession: the influence of investment horizons, exit expectations, and the private equity sponsor
(19:24) Family-Owned Companies: long-term ownership, outside CEOs, independent boards, and succession across generations
(20:41) Venture-Backed Companies: what happens when investors have backed the founder but the founder may no longer be the right CEO to scale the company
(22:47) Founder Control and Dual-Class Shares: the limits of board influence when founders retain voting control
(24:56) Shareholder Activism: why activists often target CEO performance through the board and how directors should assess their own vulnerabilities
(28:00) AI and the Next Generation of CEOs: why intellectual curiosity, adaptability, and the willingness to learn may matter more than claiming to be an AI expert
(30:06) How AI, geopolitics, and accelerating change are reshaping the qualities boards should look for in CEOs
Karen Francis DeGolia is a board member at Vontier, CelLink, and NAUTO. Penny Herscher is a board member at Lumentum, Penguin Solutions, Forvia SA, and Modern Health.
This conversation was recorded at the inaugural Boardroom Governance Summit in Healdsburg, California, on August 26–27, 2026.