At the beginning of 2003 Annette Russell had been in the succession plan at Security Federal Savings Bank, Logansport, Ind., for several years. She was an executive vice president poised to succeed the bank’s CEO, who was just 60 years old at the time, very active in the bank and apparently not near retirement. The succession plan satisfied regulatory requirements and set the executive committee’s mind at ease, but it seemed somewhat remote and pro forma.
Until it wasn’t.
Security Federal’s CEO passed away suddenly that spring, and Russell, as per the plan, took over as . . .
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