Accounting Academic Area Workshop Series: Fabrizio Ferri
Fabrizio Ferri
Professor of Financial and Managerial Accounting, University of Miami
Board Turnover around CEO Turnover
Date: Friday, April 17, 2026
Time: 10:30 AM 鈥� 12:00 PM
Location: Armstrong building, Room 375
Abstract
We examine changes in board composition around CEO turnover events. On one hand, firms may prefer greater board stability around CEO turnover events to ensure and communicate continuity (both internally and externally) during a time of significant change. On the other hand, the very reasons requiring a change in CEO (poor performance, need to adopt a new strategy) may call for new skills on the board. We find evidence of significant abnormal board turnover around CEO turnover events 鈥� both in terms of directors鈥� departure and new appointments.
The results are mostly driven by cases where the previous CEO turnover is performance-driven. We then examine whether the reasons for the CEO departure, the nature of the replacement CEO (external vs. internal) and the extent of board changes around the CEO departure are systematically associated with the performance and activity of the replacement CEO during her tenure.
