Mergers and acquisitions can be tumultuous for executives. Target companies can expect to lose close to 40 percent of their top management team within two years after acquisition. Executives who stay often lose status and autonomy and view their company?€?s acquisition as detrimental to themselves both personally and professionally. It is common for acquiring firms to replace target executives with their own shortly after an acquisition. The evidence, however, shows clearly that doing so leads to lower target company performance.