One of the many lessons of the past 12 months is the need for directors to be prepared for the unexpected. This is clearly the case when it comes to major external shocks such as extreme bushfires and pandemics – but it is also true of internal shocks such as the sudden departure of a CEO.

There have been several high-profile, abrupt departures from the top echelons of large Australian companies over the past year, leaving companies scrambling to find a successor.