Information systems (IS) alignment is an important aspect in using information technology to gain business value. A critical part of this process is the existence of a good relationship between the CEO and CIO. However, this relationship is disrupted due to CIO turnover. Using a punctuated equilibrium model perspective, this study examines the organizational impact of CIO turnover and its effects on IS alignment. The study uses secondary data drawn from InformationWeek 500 and Compustat databases to test the hypotheses. The results show that, on average, CIO turnover does not lead to revolutionary change in the firm and has little impact on IS alignment.