diff --git a/contracts/ownership/Ownable.sol b/contracts/ownership/Ownable.sol
index ed40618ce..a671e80b0 100644
--- a/contracts/ownership/Ownable.sol
+++ b/contracts/ownership/Ownable.sol
@@ -37,8 +37,8 @@ contract Ownable {
    */
   function transferOwnership(address newOwner) onlyOwner {
     require(newOwner != address(0));      
-    owner = newOwner;
     OwnershipTransferred(owner, newOwner);
+    owner = newOwner;
   }
 
 }