title: Once upon a time: a temporal taxonomy of executive exit trajectories post-acquisition
Creators: name: Stalley, Aisling Vivienne
Publisher: name: University of Reading
Year: 2025

description: Background &amp; Research Problem: Why mergers and acquisitions typically fail to live up to expectation is a mystery that has long attracted the attention of academics and practitioners. In an environment fraught with uncertainty, studies indicate that up to 70% of executives exit within five years post-acquisition (Krug &amp; Aguilera, 2005) taking with them a wealth of institutional memory, relational capital, and intellectual property. Although there is an abundance of literature on intention to leave (ITL), there remains a paucity of research examining ITL in this context at an individual level. The answer to the question is important both from a theoretical and practical perspective because M&amp;As are amongst the most exercised strategic decisions. Over $4.7 trillion was spent on this activity globally in 2022 (PWC, 2022), and yet between 44-75% of acquisitions fail. (Marks &amp; Mirvis, 2011; Schoenberg, 2006; Moeller et al, 2005). Purpose &amp; Research Question: Although the ITL literature contains a multitude of cross�sectional studies that identify unidimensional or bidimensional causes of ITL, the experience of being acquired appears to be more complex than this. Few studies consider the process from the executive’s perspective or considers the multifaceted dynamics that prompt executives to leave at different points during the years post-acquisition. Hence the purpose of this study is to explore executive ITL experience post-acquisition as a holistic and dynamic process. It aims to provide insight into the lived experience of executives to identify which of the many factors may cause intention to leave, which culminate in the act of leaving and how they combine at different points during the post-acquisition period to prompt action. Hence the research question is; ‘What triggers executive ITL in post-acquisition exits? How and when does the exit unfold?’ Research Design &amp; Method: Not wanting to ignore the value of prior knowledge on ITL, but recognising its limitations, the study adopts an abductive approach to research design, using a constructionist epistemology and idealist ontology. Using a qualitative approach, 39 executives were identified utilising a stratified purposive sampling. Semi-structured interviews were conducted in three waves yielding narratives describing 57 incidents of acquisition experienced by participants. The unit of analysis is at an individual level. A hermeneutical method of interpretative analysis was used to develop findings. Findings: Based on the experience of these executives eight key exit antecedents emerged as themes in the post-acquisition context – (i) Conflict, (ii) Prior acquisition experience, (iii) Ambiguity tolerance, (iv) Turnover contagion, (v) Shock, (vi) Ostracism, (vii) Unfairness &amp; perceived deprivation, and (viii) Reneged Commitments. This answers the ‘what’ part of the RQ. The author characterises the exit process from ignition of ITL post-acquisition through to exit, based on patterns of differential responses to the eight key antecedents. These findings answer the ‘how’ of the RQ. Objective and subjective temporal references emerge from the findings. The former informs the exit trajectories by providing calendar time detail. The latter introduces the concept of individual, organisational, process and global subjective temporal attributes. These subjective temporal attributes cumulatively form a lens for the participant to sense make their experience. Together, they answer the ‘when’ part of the RQ. Finally, findings are amalgamated into a temporal taxonomy with three exit pathways - entitled the REACTORS (0–1 year trajectory), the ARCHITECTS (1-3 years trajectory) and the MONITORS (3+ years trajectory). Contributions to Academia &amp; Practice: In terms of academic contribution, the study advances the readers theoretical understandings on the sweet spot between executive behaviours, intention to leave and temporality in an M&amp;A context. It provides qualitative insight into lived ITL experiences, rare amongst the body of quantitative work on the subject matter. Methodologically, the analytical approach provides an interesting qualitative alternative to the multitude of quantitative studies and offers a way to study ITL as a dynamic process. Practically it contributes to acquirers understanding of how to manage ITL post�acquisition. A Practitioner Toolkit is offered to improve executive retention rates which has the potential to improve M&amp;A outcomes by improving value. The practitioner is encouraged to look beyond the ‘one size fits all’ approach to executive exits post-acquisition. Limitations and Areas for Further Research: Recognised limitations relating to generalisability, bias, and temporal depth are identified. The thesis is drawn to a close with eight opportunities for further research, drawn from these limitations.