EN
This paper examines the impact of changes in shareholder structure on managerial turnover in Polish public companies. The turnover rate for the members of management boards has significantly increased following the changes in ownership structure. The disciplining action of corporate control market on top executives is weaker during the less active period of takeover activity due to economic downturns. In such periods companies' boards do not undertake too radical personnel decisions, as it may be too risky and does not guarantee improvement in economic performance of the company.