PetSmart announced its planned management succession plan. The company said that following its annual shareholders meeting on June 14, 2013, current president and COO David K. Lenhardt will be promoted to CEO and simultaneously join the board of directors.
Tractor Supply Co. said that, as part of its planned management succession, current president and COO Gregory Sandfort will assume the role of president and CEO, effective Jan. 1.
A poll from the Society of Human Resource Management, released Thursday, showed that the number of U.S. organizations with a formal succession plan in place decreased during the past five years from 29% in 2006 to 23% in 2011.