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The Wall Street Journal and other news outlets all covered the changing of the guard at Wal-Mart. The Journal's headline concentrated on the future: "New Chief at Wal-Mart Looks Abroad for Growth." Here's the opening paragraph.

"New Wal-Mart Stores Inc. Chief Executive Mike Duke took the helm of the world's largest retailer Sunday, tasked with keeping his company growing in the midst of a contracting global economy. Mr. Duke, who is only the fourth chief executive officer in Wal-Mart's nearly 47-year history, succeeds retiring CEO H. Lee Scott Jr. just as the giant discounter has begun to feel the weight of a deepening recession."

This is another company that selects CEOs from inside. There's no "Sturm und Drang" of worldwide search. There's no delay of months while the search is conducted. There will be no delay of even more months while the new CEO learns about the company.

Mike Duke can look abroad for growth without having to learn why that's a good idea for Wal-Mart. He can concentrate on being the CEO, not learning to be the CEO and not learning about Wal-Mart.

Compare the process at Wal-Mart with the process at Yahoo. It's a good argument for developing a succession plan. It's a good argument for spending a lot of top executive time on leadership development.