When I started it initially, I gave the current award holder total freedom to decide when to "pass it on" by selecting the next recipient. That worked OK at first, but then it stalled when one award holder had a too high of a standard and held the award for over a year. Before I left the team, I would note when a team member made a noteworthy contribution and would quietly poll the rest of the team, starting with the current award holder. If a supermajority concurred (including the current award holder), the person to be recognized would be presented the award by the current award holder. Goal was to make this semiannually so as not not be too frequent to diminish the lustre of the award, and not too infrequently to become "out of sight, out of mind."