The vice president of Oreon Inc., an international chain of hotels, announces that he will retire from his post after 2 years. Following this, the top management of Oreon Inc. makes use of its employee database and elects the current general manager of operations as the next vice president. The manager is then given regular training and is groomed to make his transition to the senior position seamless. The given scenario illustrates the concept of _

It refers to the process , where the board of directors collectively elects and grooms the upcoming leader , who would be leading the company or organisation after the previous leader will retire , is referred to as the process of executive succession .

The process require corporation and collectiveness of all the decisions and information , as the new leader is very important for the success of the company .

Hence , from the given scenario of the question ,

The correct term is executive succession .