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Most U.S. companies are poorly prepared for transition at the top, reports CNBC. A recent survey of over 1,000 top managers conducted by Egon Zehnder International confirms this trend. 53 percent of U.S. participants felt that their companies had failed to build an effective succession plan. “The global financial crisis has resulted in high CEO turnover. This fact, combined with the recent SEC announcement that would allow shareholders to challenge the Board to disclose more information about plans for CEO succession, makes developing a succession plan even more critical," explains George Davis, Co-Leader of the Global Board Practice of Egon Zehnder International. According to Justus O'Brien, head of the firm’s U. S. CEO Succession Practice, the survey demonstrates the key role played by succession planning in corporate performance. "Our findings shed light on how corporate America needs to be better prepared for both planned and unplanned changes in top leadership," O’Brien concludes.