This book examines the effect of managerial succession on organizational survival after an environmental shift. Event history analysis is applied to the sample of 113 Swiss private banks during and after a period of fundamental change in the industry in 2008-2014. Managerial succession is seen as a significant determinant of survival after an environmental shift. The author distinguishes between chief executive officer (CEO) succession and top-management team (TMT) change, both of which independently and significantly influence organizational failure rates. The author suggests that different proportions of positive content and negative process effects of CEO and TMT change explain opposing results of these managerial succession types.