The purpose of this study was to examine the career choice to stay at the same company and organizational re-adaptation process of ex-managers who stepped down their positions based on the position retirement policy. Semi-structured interviews were conducted with 20 ex-managers. The data collected from each participant were analyzed according to the modified grounded theory approach. A hypothetical model was constructed. As a result,9 category groups,22 categories,6 sub-categories,and 70 concepts were created based on the data. The major findings were as follows: Upon position retirement,ex-managers make the career choices to stay at the same company. The career choice is subject not only to the result of job search and self-analysis but also other ex-managers around them and family issues. Ex-managers who take new roles after stepping down feel a sense of loss of managerial roles,but move toward the practical and psychological re-adaptation to the new role with the influence of co-workers,workplaces and their work orientations. Then they revise their career plans which affect their career choices at the retirement age of 60.