Apple Needs a Succession Plan -- Fast

Preserve Corporate Culture

What remains to be seen is whether a post-Jobs Apple will retain the corporate traits that made the company successful with its iconic leader at the helm. The conventional wisdom is that Jobs's control has influenced everything from marketing to design at Apple, says Hsu. After a decade of leading Apple, he argues that it's quite possible Jobs's imprint is permanently etched on the company. "No one could move up in the organization without Jobs's approval. Eventually, management fits the mold Jobs wants."

Hsu says the secret sauce for all successful companies is having a corporate culture that transcends any individual. "You want a culture to be so ingrained in the rest of organization that it [provides a] competitive advantage."

Useem agrees. "You cannot overstate how important corporate culture is -- if it's a good one -- in sustaining and carrying on a company." Some companies, such as Wal-Mart (WMT), Mary Kay Cosmetics and Southwest Airlines (LUV), support strong cultures that have lasted well beyond their founders' departure, Useem notes. "A strong culture will transcend the exit of leaders. At Wal-Mart, pictures of Sam Walton keep the company thinking about the values that were used to create the company."

The problem for Apple is clear: No one will know until after Jobs leaves how thoroughly his imprint permeated the company. Useem acknowledges that developing a corporate culture is not clear cut. "Culture is one of the great mysterious aspects of company business. It is very important, but poorly understood. You can try to copy a company like Southwest, but rivals can't get their hands around what it is that makes these companies so successful."

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