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CEOs and finance directors have a one in four chance of being sacked after private equity invests in their organisation, according to a survey by accountants Grant Thornton and executive search company Directorbank in the UK.

The survey of 283 executive and non-executive directors who have completed at least one private equity deal, found financial directors have a 28% chance of being replaced while CEOs have a 24% chance of being replaced.

David Ascott, head of private equity at Grant Thornton, said: "Finance directors in particular suffer from several risk factors including the demands of leverage calling for a significant change in financial sophistication, external investors scrutinising their work more closely than that of other executive directors, their skills being seen as more of a commodity."

The risk for non-executive directors including chairmen was less but still significant, with 12% changed during private equity deals.