Transefer of presidental role

I wonder how long the current person is going to be the president...I kinda wanna go to one of these shindigs.

— A new Mediator to another

During the existance of the iMORG organization they have had, including the current, 5 presidents. The tradition of transfering the Presidental role was created by it's first president and the creator of the organization, Laila Rosenlund. The tradition is still being upheld however, there has been one change. Since the transferal of the sitting president, the name of the president is not made publicly known.
This tradition has currently only been enacted four times. In 1921, in 1954, in 1979 and in 2007. When the sitting president is about to be retired the sitting president and the board of directors will gather a list of all possible candidates. The president and the board will discuss the candidats and have a vote. Of course the President has the majority vote. After the vote they will have 3 candidates that they will ask to come in for interviews and asked is they want the position. After the interviews they will vote again and select the new President. The selected candidate will then work with the president for a couple of months before the transfer ceremony.
The ceremony is the last day and retirement party of the sitting president and the instatement of the new president.

EXECUTION

This ceremony takes place in the Morg's building, in the restaurant area. All employees are invited as well as the sitting president's and the new president's families. The celebration is usually the first time most of the employees learn who the new president is, well at least until last year when it’s no longer public knowledge who the new president is. Only the board of directors and the administration knows.
The sitting president holds a speech, the new president holds a response speech and the sitting president hands over a set of keys to the new president. After this short ceremony every eats and drinks.