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The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some important lessons for business leaders about the importance—and potential consequences—of succession planning. Indeed, the appointment of his son Lachlan to succeed the senior Murdoch in November raises issues that can provide essential insights about potential pitfalls when transitioning to a new generation of leaders. Transitions between leaders — and especially a new generation of leaders—can create a crisis for companies and organizations and should be accounted for in corporate crisis...