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The 2019 Strategy& CEO Success study looks into what happens at companies experiencing transitions from long-serving CEOs. Those serving for 10 or more years in the corner office accounted for about 20 percent of total transitions in the years between 2004 and 2018. Generally, those succeeding long-serving CEOs find it hard to replicate their predecessors' performance (defined by total shareholder return) and tenure, and their performance tends to lag behind those of their peers in the broader market. By being aware of the obstacles that leaders face as they replace long-serving CEOs, boards and CEOs themselves can improve their chances of success. See also, "How new leaders can step out of the shadow of a legendary CEO."

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