Successful Corporate Turnarounds

Abstract

In the last decade, companies in need of innovative change-agents learned to look outside their industries for new chief executives. These leaders were just what the companies needed: outsiders with a fresh perspective that encourage strategic and organizational change. When a company is in distress, it needs to make drastic changes. An industry outsider, with a wide range of operational experience is in the best position to get a handle on the root causes of trouble and identify applicable solutions from other industries that may never have occurred to the faltering company. Simply put, the need for industry experience in a turnaround situation is a myth. An industry-outsider is the best source for the out-of-the-box thinking needed to reverse a company's decline.