Previous studies examining the predictors of turnover have focused on lower-level employees rather than executives in the upper-ranks of the organization. The few studies that have examined executive turnover have failed to differentiate turnover that results from individual decisions (i.e., voluntary turnover) and organizational decisions (i.e., involuntary turnover). Applying Crossan, Vera, and Nanjad's (2008) transcendent leadership framework and a new moderator variable I call "recession awareness", the current study explores the relationships of executive performance and economic changes with executive-level voluntary and involuntary turnover. Using a sample of 523 executives in a large financial institution over an 18 month period, the present study attempted to: (1) analyze the relationships between executive performance and turnover, both voluntary and involuntary, and (2) to investigate changes in the relationships between these variables across different economic situations. While the study suffered from measurement issues which inhibited the interpretation of analyses, a consistent negative relationship was found between executive performance and involuntary turnover. In addition, some initial support was provided for the use of recession awareness as a moderator for the relationship of executive performance and turnover. The implications of these findings and suggestions for future research are discussed.