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Download the article on Emerald Management First and watch the author’s interview on CNBC

United Kingdom, 12 August 2008 – A study appearing in the latest issue of the Journal of Business Strategy, published by Emerald Group Publishing Limited, provides significant new insight into the instability caused by M&As on the top management teams of target companies. A number of US business media, including the Wall Street Journal and CNBC’s financial show, Closing Bell, have interviewed the authors on their study findings. A free copy of the full article and a link to the lead author’s interview are now available from the Emerald Management First home page (

“The Big Exit: Executive Churn in the Wake of M&As” was written by Jeffrey Krug, associate professor of strategic management at the Virginia Commonwealth University School of Business, and Walt Shill, managing director of Accenture. The authors followed more than 1,000 companies over 17 years and showed that firms experienced, on average, a top management turnover rate of 21 percent in each of the 10 years following an acquisition. The results of the study, which highlight the long-term instability of top management levels following M&As, have challenged the current understanding of M&As and generated great interest among practitioners.

“These findings are especially important in light of the correlation between the loss of top executives and a company’s poor performance,” Krug commented in an interview. “Companies involved in these deals need to understand the long-term effect of M&As on their executive ranks, and they need to find ways to keep key executives on board.”

The Journal of Business Strategy is one of the few journals dedicated exclusively to business strategy. It defines strategy in the broadest sense and covers topics as diverse as marketing strategy, innovation, developments in the global economy, merger & acquisition integration and communicating strategy to different stakeholders. With a penchant for substantive, provocative and well-written articles, the journal breaks the mould and includes articles on topics readers are unlikely to find in other business publications. Further information can be found at or contact Kim Foster at

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Notes for editors

Professor Jeffrey Krug is available for interviews. Contact him at

Wall Street Journal article:

CNBC “Closing Bell” interview

About Emerald

Established in 1967, Emerald Group Publishing Limited is the world’s leading publisher of management research. In total, Emerald publishes over 700 titles, comprising 200 journals, nearly 300 books and more than 200 book series as well as an extensive range of online products and services. Emerald is COUNTER-compliant, meeting the international code of practice for reports that measure usage of online information products and services consistently.

Emerald’s publishing philosophy is “Research You Can Use”, which means that our content is both rigorous and relevant, connecting the academic world with the world of management practice.

The Emerald online collection of journals, abstracts and resources, Emerald Management Xtra, serves business schools and management departments worldwide. For managers in corporate and public organizations, Emerald Management First provides fast access to applied research, ideas, insights and interviews from the world’s best management thinkers.


Catherine Dhanjal, TheAnswer Ltd
Tel: 01883 650434 or 0794 166 9925


Arnaud Pellé
Corporate Communications Manager
Emerald Group Publishing Limited.
Tel: 01274 777700

This press release was distributed by ResponseSource Press Release Wire on behalf of TheAnswer Ltd in the following categories: Business & Finance, for more information visit