A study was conducted by the Presidents Academy of the American Association of Community and Junior Colleges to examine problems faced by community college presidents following termination or forced retirement from their positions. Interviews were conducted with 12 former presidents who had been officially dismissed by their governing boards or who had retired involuntarily from their positions, requesting information on the financial, career, leisure, self-perception, and personal adjustments they made. Study findings included the following: (1) 7 of the 12 former presidents reported that while they had encountered no special financial problems, they knew of other presidents who had experienced difficulties associated with loss of income; (2) 60% of the respondents indicated that they had considered a career change to a new profession; (3) when asked about the most important steps in finding a new position, respondents underscored the value of keeping in touch with colleagues, networking, and attending professional meetings; (4) with respect to leisure time activities, respondents indicated that they now had more time for travel, physical fitness, and more free and unstructured time; and (5) all respondents reported having to adjust to the loss of friends from the workplace, but none felt that there were any serious problems. The study report offers recommendations for current presidents and those who have been terminated to help them prepare for and adjust to career changes. The interview schedule is appended. (MDB)