CEO Turnovers and Disruptions in Customer–Supplier Relationships

Vincent J. Intintoli · Matthew A. Serfling · Sarah Shaikh

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Corporate Finance and Governance Financial Markets and Investment Strategies Customer Service Quality and Loyalty

Abstract

Events that disrupt customer-supplier relationships pose a source of risk for suppliers that depend on a customer for a large portion of their revenues. We identify the replacement of a customer’s CEO as a disruptive event that results in suppliers losing substantial sales to the customer following the turnover. This loss is greater when incumbents are more likely to be entrenched. Suppliers also experience declines in overall financial performance following this loss in sales as well as negative abnormal stock returns to announcements of customer CEO departures. Our findings suggest that these disruptions largely stem from successors divesting assets.

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1993Common risk factors in the returns on stocks and bonds 1980Competitive Strategy: Techniques for Analyzing Industries and Competitors 1988The Determinants of Capital Structure Choice 1997Event Studies in Economics and Finance 2007The Economic Institutions of Capitalism. Firms, Markets, Relational Contracting 2003Powerful CEOs and Their Impact on Corporate Performance 1995Long-Term Manufacturer-Supplier Relationships: Do They Pay off for Supplier Firms?1997CEO turnover and outside succession A cross-sectional analysis

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