Executive Summary Understanding whether the likelihood of management turnover related to financial restatements changes after SOX is especially important because restatements have become much more common, with over 10% of publicly traded companies announcing restatements in 2006 (Johnson 2008). By surveying post-SOX company restatements, this study focuses on restatement characteristics as well as related management behavior, and provides insights into their consequences. Our findings provide evidence that the likelihood of CEO or CFO turnover increases for companies with higher restatement severity. Specifically, restatement characteristics, including core-earnings and magnitude of amounts, significantly affect the likelihood of management turnover. Additionally, when restatements are prompted by companies, management turnover is associated with the magnitude of overstated amount on income and/or restatements affecting core earnings. In addition, after controlling for the restatement severity, our empirical results provide strong evidence that when post-SOX executives window-dress earnings to portray a more favorable earnings picture, they are more likely to be terminated following financial restatements.