1. Gary Cohen, quoted by Ed Ludwig, interview with author, 2012.

2. See McKinsey and Company, “How to Beat the Transformation Odds,” April 2015,

3. The Nokia, British Petroleum, Johnson & Johnson, and Toyota cases and quotes in this section and the next two sections come from Richard Lepsinger, “The 2010 Execution Round-Up: Six Companies That Couldn’t ‘Get It Done’ This Year (and Two That Did),” StrategyDriven, January 24, 2011, See also Yves L. Doz and Keeley Wilson, Ringtone: Exploring the Rise and Fall of Nokia in Mobile Phones (Oxford, UK: Oxford University Press, 2018).

4. Lepsinger, “The ...

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