Organizational behavior research mainly concurs that organizations benefit from high-quality leader-member exchanges (LMX); however, this paper responds to the call for more critical investigations of LMX. By drawing on conservation of resources theory, we predict that high-quality LMX enhances contingent turnover intentions (CTI) (i.e., employees’ willingness to quit in order to follow a former supervisor to a new organization). Results across a field study (n = 361) and a scenario experiment (n = 247) demonstrate that LMX positively affects CTI and thus might pose a risk to organizations. In contrast with previous research on turnover intentions and Study 1, Study 2 further shows that affective organizational commitment does not relate negatively to CTI; instead, supervisor commitment fully mediates the effect of LMX on affective organizational commitment and drives CTI. A supplementary qualitative study with 46 leader-member dyads provides a more detailed understanding of actual contingent turnover (CT) behavior by investigating LMX factors relevant to both leaders’ and members’ CT decisions. Furthermore, we identify CT promoting and hindering factors. We discuss the theoretical contributions and practical implications of our findings.