Marian Wright Edelman is stepping down from her position as leader of the Children's Defense Fund - the organization she founded - and has served as its leader for some forty-seven years. She will, upon her retirement, take-on the position of President Emeriti where I presume she will be compensated for her work as advocate and fund raising, both tasks she has demonstrated she is more than capable of and a position that relieves her of the day-to-day organization's oversight. Ms. Edelman has effectively chosen her replacement who it appears will not skip a beat in carrying Ms Edelman's banners for children and her organization.
The idea of the position of President Emeriti does appear as a worthy solution for a board that knows the person it is replacing is linked so prominently to the organization's name and reputation. By keeping the founder close a transition can occur over a few years without some of the likely bumps that can otherwise result both internally and externally. Yes, there are different challenges and it will be on the board, Ms. Edelman, and the new Exec to ensure all is smooth and everyone knows and adhere's to their role. The board is largely responsible for this and I would pose needs to have regular if not initially frequent conversations to monitor progress. Also, it will be up to Ms. Edleman to be introducing the new exec to her network, in a way giving a blessing and in another way handing off the relationship. This will all be as much as ensuring that trust of the organization and mission continues and even grows.
And yes, such a transition is likely made more possible because the Fund and Board has been smart about building reserves - it can afford to take this step. Few nonprofits, particularly in these times, have this level of resources.