Of course you’re correct, but I would have guessed with a degree of certainty That the board would have hoped to keep Pep beyond his initial contract and now, even after his current extension, I think they would love to get him for another 2-3 years.The board will have had a plan to replace Pep from the moment he signed. All serious businesses look to mitigate forward risks with 1, 3, 5 and even 10 year plans.
All key staff will be subject to succession planning in terms of replacement at completion of contracts and even to cover for sudden illnesses or long term injury.
If any key staff walked off into the sunset tomorrow then rest assured that there’s a prioritised list of replacements that’s constantly updated to consider suitability, cost and availability.
Pep, as part of the senior team, will himself be involved in planning for his own replacement.
In any case a confirmed end date for Pep will focus the board and put concrete plans in place.