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HBR CAS E S T UD Y AN D C OM M E NT ARY How should Steve Who Goes, Who Stays? decide who stays and who goes? by David A. Light Four commentators offer • expert advice. Reprint R0101A The merger between two pharmaceutical companies generated headlines first—and then headaches. One reason: CEO Steve Lindell has two executives for every available slot. As the stock price drops and talented people head for the exits, he must quickly decide whom to keep and whom to let go. Pass the aspirin. HBR CAS E S T UD Y Who Goes, Who Stays? by David A. Light . D E The merger announcement between DeWaal pany’s combined revenues were projected to V R E S Pharmaceuticals and BioHealth Labs was top $8 billion. E R S front, top-of-the-hour news. Pictures of Now, two months later, the TV cameras had T H G I CEO Steve Lindell and chairman Kaspar van de moved on to a new story, and the hard labor of R L L