This study attempts to contribute to the understanding of the impact of individual directors, and lead independent directors in particular, on corporate governance in the context of CEO succession. Drawing from an upper echelon theory perspective, we theorize that what matters is not whether there is a lead independent director, but who that person is. Specifically, we predict that lead independent directors with prior CEO experience, longer board tenure, and fewer external board memberships are more effective in promoting planned CEO succession. Using data on 380 CEO successions from a sample of S&P 500 firms between 2010 and 2018, we found support for our theoretical predictions. Our theory and supportive findings have important implications for research and practice regarding lead independent directors, CEO succession, and corporate governance.
