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What is the chief executive officer (CEO) challenge? More CEOs are leaving—by their own choice or the choice of their boards of directors. And the pool of candidates who could replace an outgoing CEO is shallow.

First, the CEO retention statistics are shifting. This year, the number of CEO changes for S&P 500 companies is on pace to reach 14.8% for the year (see;CEO Succession: Low-Performing CEOs Have Less Chance Of Keeping Their Job). That would be the highest rate of turnover going back to 2001—the average over the same period is . . .

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