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'Top Director Shake-Up: The Link between Chairman and CEO Dismissal', Journal of Business, Finance and Accounting, (2005), Vol. 32, No.1/2, pp. 97-128 (Top 10 SSRN Downloads).

http://www3.interscience.wiley.com/journal/118653944/abstract

 Abstract: Most UK companies separate the roles of CEO and Chairman.

The former runs the company and the latter runs the board. Using turnover

data on 2,180 separate Chairmanships of the top 460 UK firms over the

1990–1998 period, I find that the Chairman is more likely to be replaced

when the CEO is dismissed. Detailed data on the dismissal events suggests that

Chairman replacement is associated with board restructuring. This may be

necessary to bring in different skills and experience which, in turn, might

facilitate changes in future corporate decisions. Moreover, I find that the

Chairman’s previous position, or the type of Chairmanship, does not affect

the association between Chairman removal and CEO dismissal. But, the

increase in the dismissal likelihood of the Chairman at the time of forced

CEO departure is higher when she is involved in the appointment of the

failing CEO. This, in turn, can be interpreted as an indication of effective

governance.