Our study examines how post-formation partner change influences alliance performance. Combining insights from currently diverging streams of research, we identify two mechanisms underlying the partner change – alliance performance relationship (i.e. resource alignment and coordination misalignment) and study two alliance characteristics (i.e. technological complexity and equity concentration) as core contingencies of such relationship. Using unique, panel data from 101 joint ventures in the wind energy industry for the period 2000-2015, we find robust support for a negative moderating effect of technological complexity on the partner change – alliance performance relationship. Our findings also show that certain configurations of alliance characteristics can strengthen the positive performance effect of partner change. We contribute to the strategic alliance literature by offering an integrative perspective on post-formation partner changes that allows for a richer understanding of their implications for alliance performance.