We examine the relation between dean turnover and changes in rankings in a comprehensive sample of business schools with ranked MBA programs from 1990-2002. We find little evidence that dean departures are related to changes in a school's overall rank in the U.S. News & World Report rankings. However, dean turnover does appear to be elevated when a school drops in the Business Week rankings and when a school deteriorates on the placement dimension as measured by U.S. News & World Report. These results are significant in both a statistical and economic sense. Our findings suggest either that schools respond to changes in rankings or that rankings reflect information schools use in their personnel decisions.