A Better Society. CEO transition is critical—start early, 3-4 years before he or she expects to leave. Develop a list of key CEO competencies. Build an internal bench of strong candidates and look externally. Require the Board to do emergency succession drills—because most transitions are unplanned. When it comes to Boards, it’s more about how they work together than a strict set of rules and regs. You want results orientation and strategic orientation, as well as collaboration, integrity and independence. The most successful companies invest in talent—no matter the economic climate. Don’t lay off talent in tough times; you won’t be able to get them back when the economy rebounds. Companies that don’t overreact come out of recessions much better. Don’t freeze hiring during a crisis—it’s a great time to get high-value employees from the competition. Millennials will soon be the largest employee group—70 million. Conclusion: we’re moving toward an era of “potential” selection—people who can adapt to uncertain environments.