{"title":"CEO replacement, top management vacancy, and the sequence of top management team changes in high technology turnaround companies","authors":"Chanchai Tangpong , Derek Lehmberg , Zonghui Li","doi":"10.1016/j.lrp.2021.102103","DOIUrl":null,"url":null,"abstract":"<div><p>This study extends the literature on CEO replacement, top management change, and corporate turnaround by examining the sequence of top management team change events and turnaround outcomes among declining firms in industries affected by technological innovation and digitalization, including information technology, electronics, imaging and communications. This study focuses specifically on the top management change events <em>before</em> and <em>after</em> CEO replacement during the turnaround attempts. Using 12 cases of successful/unsuccessful turnaround matched pairs, we adopt a two-phase case study research approach, first generating insights from six cases (three pairs), and then cross validating our findings with additional six cases (three pairs). Through the qualitative examination of these cases, we uncover <em>top management vacancy</em> as a new theoretical construct and refine an existing construct, top management change, by differentiating between <em>primary</em> and support functions. We then observe distinct patterns of CEO replacement and top management changes separating successful and unsuccessful turnarounds. Our case findings indicate that successful turnarounds are characterized by top management vacancy in primary functions <em>before</em> the new CEO arrival and by top management stability in support functions <em>after</em> the new CEO arrival, and that unsuccessful turnarounds involve top management personnel replacement in primary functions <em>after</em> the new CEO arrival. Based on the case findings and related literature, we propose a theoretical model for CEO replacement, top management change, and corporate turnaround.</p></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"57 1","pages":"Article 102103"},"PeriodicalIF":7.4000,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Long Range Planning","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0024630121000340","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
This study extends the literature on CEO replacement, top management change, and corporate turnaround by examining the sequence of top management team change events and turnaround outcomes among declining firms in industries affected by technological innovation and digitalization, including information technology, electronics, imaging and communications. This study focuses specifically on the top management change events before and after CEO replacement during the turnaround attempts. Using 12 cases of successful/unsuccessful turnaround matched pairs, we adopt a two-phase case study research approach, first generating insights from six cases (three pairs), and then cross validating our findings with additional six cases (three pairs). Through the qualitative examination of these cases, we uncover top management vacancy as a new theoretical construct and refine an existing construct, top management change, by differentiating between primary and support functions. We then observe distinct patterns of CEO replacement and top management changes separating successful and unsuccessful turnarounds. Our case findings indicate that successful turnarounds are characterized by top management vacancy in primary functions before the new CEO arrival and by top management stability in support functions after the new CEO arrival, and that unsuccessful turnarounds involve top management personnel replacement in primary functions after the new CEO arrival. Based on the case findings and related literature, we propose a theoretical model for CEO replacement, top management change, and corporate turnaround.
期刊介绍：
Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.
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