Succession planning is the process that every executive, working together with their board of directors, has to go through when planning a transition of leadership. An executive should treat his or her succession plan like a resume, and keep it updated. Leadership transitions can happen at any time, whether in a planned event like a retirement or a political appointment, or something more sudden like a major health issue that consumes a lot of your time and concentration. With a succession plan in place, an executive can simply set the wheels in motion and manage the transition carefully even under stressful circumstances.