MistyWaters
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Your post that I replied to referred to “ownership” but I think then you’re referring to ongoing management (or administration), which is a component of succession planning. Apotex claimed a succession plan had already been put in place by Barry Sherman. A succession plan simply refers to a plan for the companies successful operation after the principle retires (or dies) and you’re right, that’s not a component of a will because it’s an intention, but cannot be mandated after death.
Once company shares are passed on to beneficiaries, the new “owners” of private companies, especially large corporations such as Apotex, and those who actively manage it are not necessarily one and the same. There’s no requirement for shareholders to work for the companies they own. They have the option of appointing (or keeping on) the Board of Directors who are responsible for overseeing high level management of the business and protecting the shareholders best interests.
Although it’s been stated Barry Sherman was Chairman of the Board of Directors, because Apotex was a private company, other Board members do not require to be publicly named. But it’s possible succession planning involved appointing other qualified Board Members already, prior to his death.
Quoting my own post here...
Just speculating but a possibile example of a succession plan for Apotex that was already in place upon Barry’s death was the splitting of duties of the President and CEO into two distinct roles, which later did occur. The benefit of that is to add additional oversight in managing the company’s operations, upon the absence of the founder.
If that were so, a clause in Desai’s contract would’ve prompted his resignation. Kay was then appointed by the Board as CEO and Watson became President.
“Apotex Inc. president and CEO Jeremy Desai resigned effective immediately Friday from the generic drug giant founded by billionaire Barry Sherman, who was found slain in his home on Dec. 15...”
Apotex CEO Jeremy Desai resigns amid allegations of leaked trade secrets | CBC News