There are many approaches to approach organisational leadership succession nowadays.
In almost any organisation, promotions occur. People join the company then through their hard work and capability, they increase to higher positions. The main benefit of that is that organisations have a larger knowledge of the ability and character of the person that they're appointing to fill the new opening, and the individual possesses greater comprehension of other levels of the organisation that an outsider wouldn't normally have. Some organisations, like the company Hakluyt, utilise this approach to elect their leaders, either permanently or interim CEO jobs, so the organisation is led by some body with deep familiarity with their operations, employees, and customer base. Having this as an option also can act as an incentive for skilled individuals to stay at the organisation, since there is a possibil