Who replaces a chairman of the board when they retire?

Question

When a chairman of the board decides they will retire what happens next? Who will replace them or what process/steps are taken to fill that position?

Answer 1

Whomever the board selects as a replacement. It could be someone internal or they may go outside the company.

Answer 2

A new chair is nominated by the board or by a major shareholder. Then there is a vote to approve them at the next shareholders meeting.

If the current chair can't stay until a replacement is confirmed, the board picks a temporary chair.