This article tries to identify the ways in which shareholder power is exercised by taking the example of a firm under an LBO faced with the great recession and the resignation of its CEO. The conception of control of private equity firms helps explain the cause and the nature of the change, i.e. the fact that the successor belongs to the same coalition than the predecessor and the difference in his profile. Because they are dependent on managers to carry on profit strategies, these shareholders are forced to intervene in control crises to lead the succession process and appoint managers that will be in line with their objectives. The power of private equity consists less of a colonization of the corporation than an indirect rule of the firm.