As we ramp up for The Private Company Governance Summit 2026, which will take place June 10-12 in Washington, D.C., we are speaking to our panelists to get a bit of insight on the topics they will be discussing at the event. Today, we speak with Andrew Wexler, CEO of Herschend, about the subject matter of “Preparing for the Next CEO: What Every Board Should Know,” the session he will be participating in at PCGS 2026.
Private Company Director: What does a CEO succession pipeline actually look like in a private or family company, and how should the board pressure-test whether it’s strong enough?
Wexler: A CEO succession pipeline in a private or family company, like Herschend, is far more than identifying a single “next in line.” It is a disciplined, multiyear system that develops several credible future leaders while preserving the company’s continuity, culture and long-term vision, especially important in a business shaped by more than 75 years of history and purpose.
The starting point is a clear, forward-looking success profile. Using the sports analogy, you don’t kick the ball to where the player is, you kick it to where the player will be. You want to define the capabilities, leadership behaviors and values the next CEO will need based on where the business is heading, not where it has been. In family enterprises, this also includes expectations around stewardship — leaders who can honor legacy while continuing to evolve the business — along with credibility with both family and nonfamily stakeholders and the ability to navigate ownership dynamics.
For Herschend, a strong pipeline includes at least two internal candidates who are visible to the board and are being deliberately stretched. That means giving them experiences that reveal whether they have, or can develop, the capabilities the company will need next. In a company like Herschend, that often means exposure across different parts of the business to build both enterprise perspective and cultural credibility. For closely held family businesses, it is also important to decide whether a nonfamily executive — professional management — could fill the CEO role and to ensure that the expectation is clear. Periodic external benchmarking ensures the internal slate is competitive with the broader talent market.
Our board pressure-tests the pipeline by asking hard, practical questions. If the CEO left tomorrow, who would step in, and what evidence supports that choice? Are candidates demonstrating CEO-level judgment today, not just potential for tomorrow? How do they compare to external talent? Ultimately, the board’s role is to align on the business’s future direction, so the CEO success profile, and the experiences needed to deliver it, are explicit and position the company for a successful transition.
To hear more from Andrew Wexler, register today for The Private Company Governance Summit 2026.