It isn't difficult to understand why. On top of the fact that globalization and the extremely competitive nature of the marketplace have increased the job's complexity and demands—and that the Internet has made the corner office into a fishbowl—there are a variety of other factors in play.

• With Enron front and center again, and other recent trials, executive misconduct remains in the spotlight. So it's hardly surprising that surveys show big business to be among the least trusted groups in America—lower than Congress and the media. Only two percent of investors contacted for a Roper poll last summer said FORTUNE 500 CEOs are "very trustworthy."



• The continued rise in executive pay, along with recent high–profile severance packages, has provoked a new level of investor outrage. The SEC has just issued new regulations that require disclosure of the value of total compensation—pay, perks, and benefits—for top executives.



• Stringent regulation and the rise of activist boards in the post-Enron era are making the CEO job even tougher. Boards are quick to oust an underperforming CEO who no longer has a bad economy to point to as an excuse.

This situation points to the need for succession planning and growing your own leadership. A well-conceived succession plan allows for swift replacement of a departing leader—reassuring employees, investors, and customers that this is a well-run organization. Desperation is not the right frame of mind for selecting a new leader. There's no better insurance policy than having competent replacements groomed and waiting offstage. The more potential replacements there are, the better the insurance—and reassurance.