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The Transformative CEO: Impact Lessons from Industry Game Changers by Robert Reiss, Jeffrey J. Fox

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3How To Turn Around a Company

Company turnarounds are needed because what once worked no longer does. Turnarounds are not easy; nine out of ten turnarounds fail. Here is how to successfully turn around a dying, stumbling company.

1. Have a vision of what the new company can be; of where the company can go; and, most importantly, how to get there. The vision need not be some mystical view of the future. A simple mission statement will do. During WWII, England’s Prime Minister Winston Churchill told his brave Royal Air Force (RAF) pilots: “Bomb the bridges and get back safely by dawn.” Be sure everyone understands the plan.

Peter Cuneo (CEO, Marvel Entertainment): “In an uncertain environment, people naturally look for leadership. They are looking ...

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