Meaning of “succession planning” in the English Dictionary

"succession planning" in Business English

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succession planningnoun [ U ]

uk us HR, WORKPLACE, MANAGEMENT

the process of finding suitable people and preparing them to replace important executives in an organization when these executives leave or retire :

A lack of succession planning is the main reason so many family businesses break down.
succession plan
noun [ C ]

The company has a succession plan in place for the retirement of the chairman.

(Definition of “succession planning” from the Cambridge Business English Dictionary © Cambridge University Press)