You’ve lost the CEO succession race. Here’s your multi-million dollar bonus

• In today’s CEO Daily: Fortune‘s Claire Zillman digs into just how well retention bonuses work.
• The big leadership story: Paramount wins the war for Warner Bros. Discovery.
• The markets: Mixed globally; Nvidia’s losses dragged down the S&P 500 on Thursday.
• Plus: All the news and watercooler chat from Fortune.

Good morning. When a chief executive succession race narrows to just a few contenders, losing doesn’t always mean losing out....