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This is not a "succession planning" the owners of the companies left and the workers were faced with a choice: loose their jobs or take the place of those who betrayed them. They went for the latter option and re-arranged the companies structures by themselves, proving that workers can do the management job without problems. Read the article that I attached to my comment please. I still haven't heard one single example of the contrary from you.
It was such a disaster that you are not able to explain it in a comment nor to find an external reference which may do that in your place. Must be hard being this comfortable in your world view without any supporting evidence. Furthermore I reckon this company is still up and running. Tell me, would an equal percentage of the working force had left instead of the middle and senior management do you think you would still have a job today?
Then having the skills to step in is literally "succession planning."
This is just promoting from within but in dire circumstances.
My company was sued by investment stakeholders for misleading them as a result of the lost productivity, but to post which company it is would doxx me more than I am comfortable with. Fortunate 500 companies do not make these things public more than they are legally required to.
As for me having a job today, my position was ended as part of a necessary restructure after the above scandal. I got a sweet severence though.
The company was divested from the greater whole and was eventually bought again, about 3 weeks ago.
A huge part of my job during COVID was retaining these employees.