“We have a robust succession plan.”
Translation: we have a spreadsheet with names on it that no one has looked at since it was created. The spreadsheet was made to satisfy a board governance requirement. The names on it were chosen by the people currently in those roles, which means the succession plan is a list of people the incumbents find non-threatening.
Real succession planning would mean developing people who are better than the current leaders. No current leader has ever put someone better than themselves on a succession plan. The whole point of the plan is to make the board feel comfortable, not to actually prepare for transition.