Internal promotion is the safest way for companies to have good managers, as decisions of recruiting internally are based on having already observed, at length, how the person behaves and acts. And the individual already knows the company as well as the job (to a certain extend at least), saving important on-boarding costs.
There are obviously less risks than recruiting a total stranger, whatever the guarantees taken during the recruitment process.
It’s not risk-free, though.
You, like all newly promoted managers / directors, will have to change, without losing your identity.