When Johnson & Johnson named vice chairman Alex Gorsky as its next CEO, the company concluded a very public succession race that began in 2010 between Gorsky and fellow vice chairman Sheri McCoy. It remains to be seen if Johnson & Johnson will be able to retain McCoy now that she has been passed over for the top job. However, one thing is certain: if she leaves, many governance experts will blame the loss on the company’s “horse race” succession strategy.