Filling The Founder's Shoes

The Wall Street Journal looks at the transitions at Ford, Disney, Wal Mart and Microsoft, in light of Steve Jobs leaving Apple (h/t Ritholtz):

There are perils in every course. Disney got in trouble for hewing too close to its founder's vision. Wal-Mart is faulted now for veering too far from its founder's strategy.
The tension isn't limited to the U.S. Japan's Sony Corp. lost its market leadership in electronics after charismatic founder Akio Morita stepped down as chairman in 1994. By contrast, some of Honda Motor Co.'s most innovative vehicles—and greatest market successes—came after founder Soichiro Honda retired in 1973.
Students of leadership say the companies that navigate the transition most successfully are those that embed the founder's values in the organization and groom multiple generations of leaders.
"The difference between a cult and a religion is that one outlasts the founder," said Harvard Business School professor Rakesh Khurana, who has written extensively about CEO succession.
Strong leaders can help, but Mr. Khurana offers a sober outlook. "Most firms don't survive," he said. "In tech in particular, it's like watching fruit flies."

It is a very fascinating dynamic.  I kind of like the line about the difference between a cult and a religion, although my comparison of the Republican party to a cult is more about their enforcement of dogma than whether they have a single charismatic leader.  Apple lovers are nearly a cult already, so it may well bloom into religion.