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Strategic LeadershipTheory and Research on Executives, Top Management Teams, and Boards$
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Bert Cannella, Sydney Finkelstein, and Donald C. Hambrick

Print publication date: 2008

Print ISBN-13: 9780195162073

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195162073.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 January 2022

Changes at the Top: The Consequences of Executive Turnover and Succession

Changes at the Top: The Consequences of Executive Turnover and Succession

(p.198) 7 Changes at the Top: The Consequences of Executive Turnover and Succession
Strategic Leadership

Sydney Finkelstein (Contributor Webpage)

Donald C. Hambrick (Contributor Webpage)

Albert A. Cannella

Oxford University Press

This chapter discusses how CEO and top management team succession can affect a number of important organizational outcomes. The first section is organized around the broad kinds of changes that a succession might engender, how the process of succession can impact the new leader's early survival prospects, and the going-in mandate of new leaders. The second section focuses on the overall performance implications of leader succession, a topic that has garnered a great deal of research over the years. The notions of scapegoating and insider versus outsider succession are examined. The chapter then discusses contextual factors such as the stage of organizational life cycle, organization-level changes that accompany the succession event, and institutional factors (such as discontinuous change). It then reviews the literature on shareholder reactions to succession. In the next section, the discussion expands beyond the CEO level to consider both the TMT and some specific positions below the CEO level (e.g., the CFO). In the final section, a variety of issues related to succession are discussed, including temporary succession, SBU leader changes, and post-succession “settling up” among organizational leaders.

Keywords:   CEO succession, outcomes of succession, shareholder reactions, scapegoating, insider versus outsider, non-CEO leader succession

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