This paper examines board composition and CEO turnover when a public company is taken private by a private equity group in an LBO, using a new data set of all public to private transactions in the UK between 1998 and 2003. We find that when a company goes private, the board size is reduced and...

This paper analyses the trade-off between the need to restructure a firm before privatization and to provide an appropriate corporate governance for the privatized firm. In order to provide managers with appropriate incentives to run the company, once privatized, it may be optimal to let them...