succession

Definition

The formal process of passing power, position, or property from one party to the next, whether it's a CEO, a monarch, or your aunt's prized ceramic cat collection. In corporate and political circles, succession planning is the art of ensuring the ship doesn't sink when the captain retires. Also known as "musical chairs for grown-ups with actual consequences."

Example Usage

The board began succession planning two years before the CEO's planned retirement to ensure a smooth transition.

Source: Common HR and organizational terminology

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