When chief executives step down from their corner offices, they face more than just an empty calendar. A recent paper by Mark Lamberti and Charlene Lew, published in Personnel Review, illuminates the profound psychological reconstruction that occurs when CEOs transition from positions of corporate authority to the uncertainties of retirement.
The paper drew on Mark Lamberti’s doctoral thesis at the University of Pretoria’s Gordon Institute of Business Science, which analyzed 30 in-depth interviews with 17 retired CEOs from South African public companies. Each executive had led organizations with revenues exceeding $6.15 billion, representing some of the continent’s most significant corporate leaders. The research challenges common assumptions about executive retirement, revealing that financial preparation rarely translates to psychological readiness.
The Void That Follows Success
Lamberti and Lew’s paper centers on what the researchers term “the void”—a disorienting period that follows the abrupt cessation of behaviors tied to CEO identity. One participant described the experience: “All of a sudden … I wasn’t connected to anything. I found that very unsettling. There were some days where I actually thought I was going to sort of fall apart completely.”
This psychological disruption reflects broader patterns documented in identity transition research. Academic studies of professionals leaving high-commitment roles—from physicians to university academics—consistently identify similar patterns of displacement and identity confusion. Mark Lamberti and Charlene Lew’s contribution lies in mapping the specific processes through which executives navigate this reconstruction.
The research reveals six interconnected elements that shape post-retirement identity formation. Three elements comprise what Lamberti and Lew call “liminality”—the threshold state between old and new identities. Former CEOs experience epiphanies about their changed circumstances, evaluate role identity cues from family and society, and assess available resources including health, wealth, and professional networks.
Beyond Financial Resources
Paradoxically, the substantial resources that CEOs accumulate during their careers don’t guarantee smooth transitions. Participants acknowledged their advantages while recognizing the complexity these resources create. “I’ve got a bunch of resources. I know I can read numbers. I know I’m a good manager,” one noted, yet professional competencies proved insufficient for navigating identity reformation.
Health emerged as the paramount resource. “I’m very fortunate. I have the biggest advantages. I am healthy and I think if you didn’t have that, you know, everything changes,” explained one participant. Wealth provided security but also created expectations for continued contribution to society—particularly relevant given South Africa’s unemployment challenges, with the official rate standing at 32.9% in early 2025.
Mark Lamberti and Charlene Lew’s research builds upon Jeffrey Sonnenfeld’s seminal 1988 work “The Hero’s Farewell,” which categorized CEO retirement styles into four types: Monarchs (who resist leaving), Generals (who plan comebacks), Ambassadors (who maintain firm ties), and Governors (who pursue new challenges). While Sonnenfeld focused on departure styles, Lamberti and Lew’s study examines the internal processes of identity reconstruction that follow.
The Process of Becoming Someone New
The second cluster of processes involves active identity construction through sensemaking, narrative development, and behavioral experimentation. Retired CEOs must answer fundamental questions: “Who am I now?” and “Who can I become?” Many discovered that their spouse held different retirement expectations, highlighting the relational complexity of major life transitions.
Participants engaged in extensive consultation with peers and advisors to develop coherent narratives bridging their executive past with their retirement present. “Quite a lot of thinking happened,” one participant explained, describing conversations with former colleagues, family members, and other retired executives. This counsel-seeking served dual purposes: testing provisional identities and obtaining validation for emerging self-concepts.
Lamberti and Lew identified “provisional selves”—temporary identity experiments that helped participants explore new roles. Some pursued passion projects, others explored board positions, while many engaged in mentoring or philanthropy. Success required finding activities that maintained a sense of contribution while releasing the need for constant control.
Implications for Executive Preparation
Mark Lamberti and Charlene Lew‘s findings suggest that organizations could better support retiring executives by addressing psychological preparation alongside succession planning. Most participants had focused exclusively on practical handover considerations while neglecting the identity challenges that would follow.
The research contributes to growing academic attention on retirement as a complex psychological process rather than simply a financial milestone. Recent studies have begun examining how major life transitions prompt individuals to reevaluate their fundamental values and priorities. Lamberti and Lew’s work provides specific insights into how high-status professionals navigate these changes.
The study also highlights the unique challenges facing executives in emerging markets, where social expectations for continued contribution create additional pressure. Several participants expressed frustration with limited opportunities to serve in government roles, despite their expertise and willingness to contribute.
Mark Lamberti and Charlene Lew’s research offers a framework applicable beyond the executive suite. As career patterns become increasingly fluid and professionals face multiple transitions throughout their working lives, understanding the processes of identity reformation becomes crucial for anyone stepping away from roles that heavily define their sense of self. The study demonstrates that successful transitions require both releasing old identities and actively constructing new ones—a process demanding patience, reflection, and often the guidance of others who have navigated similar passages.
