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Executive Replacement and Shareholder Wealth: A Review of the Theoretical Literature

In: Handbook of Top Management Teams

Author

Listed:
  • Isabelle Dherment-Férère

Abstract

The number of CEO replacements at the head of corporations has risen since the early 1990s, both in France and abroad. And these replacements have sometimes sparked strong stock market reactions. Thus, on 25 January 1992 the re-nomination of James Robinson at the head of American Express caused the share price to plunge 10 per cent. The announcement of his resignation from the chairmanship and his replacement by Richard Furlaud caused the stock to recover its 10 per cent loss of the previous week.1 The extent of such a phenomenon makes one wonder about its impact on shareholder wealth.

Suggested Citation

  • Isabelle Dherment-Férère, 2010. "Executive Replacement and Shareholder Wealth: A Review of the Theoretical Literature," Palgrave Macmillan Books, in: Frank Bournois & Jérôme Duval-Hamel & Sylvie Roussillon & Jean-Louis Scaringella (ed.), Handbook of Top Management Teams, chapter 76, pages 654-662, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30533-5_77
    DOI: 10.1057/9780230305335_77
    as

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