A ‘double transition’ crisis can result when CEOs hold the reins too long

When Tom Pickens and his wife, Kelly, suddenly died in a plane crash, the shock left their children and grandchildren in disarray. The Pickens family had lost not only its beloved patriarch and matriarch, but also the leaders of the family’s $500 million produce business. Although Tom and Kelly were in their late 80s, they had continued to run and own the business Tom had founded decades before. (This is a real case, with identifying details changed.)

Amid their grief, Tom and Kelly’s four children timidly assumed leadership roles in the business. While they had grown up with the business and some worked there, it had always been Tom’s company. One son, Paul, had the COO title, but he, the board and senior executives always deferred to Tom’s strong perspectives on everything.

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