This study examines performance effects of changes in the top management team using an eleven-year period longitudinal research design with a sample of 45 major Dutch multinationals. Since changes at the top are a multi-faceted phenomenon, we study the topic from four different angles. Results indicate that the level of change in terms of CEO versus non-CEO changes and the extent of change in terms of the proportion of managers entering or exiting the team do not influence subsequent firm performance. Type and frequency of change however do matter. Our results indicate that renewal of top management teams in terms of non-retirement exits and limited outside entries can be beneficial for firm performance in the following year, especially when exits and entries are well aligned. On the other hand, a certain degree of continuity is also warranted. Too many outside entries at the same time were found to be disadvantageous in the short-run, while many CEO successions in a row were found to be disadvantageous in the longer-run.