Leading Corporate Turnaround

Leadership is never more crucial than when corporate survival is at stake. But the days of the tough guys are over. The leaders who are driving today s sustainable turnarounds understand that the answers to a distressed company s problems lie almost always within the firm itself usually at middle manager level and below. The secret is cooperation. Drawing on interviews with top company doctors and advisers, as well as on the authors own experience, Leading Corporate Turnarounds explores seven key leadership and management skills required for successful turnaround, and shows why quickly gaining the buy-in and trust of all stakeholders is the key to ultimate success. Written by the founding directors of the Society of Turnaround Professionals (STP), with a proposed Foreword by the Society s Patron Sir John Harvey-Jones Considers the different drivers of turnaround, the alternatives to it, and the restructuring processes required to move beyond crisis stabilization to sustainable change Features international case studies from leading companies including BT, Virgin Express, Arthur Andersen, Parmalat, GE, Lee Cooper, New Look and IBM

Leadership is never more crucial than when corporate survival is atstake. But the days of the tough guys are over. The leaders who aredriving today's sustainable turnarounds understand that theanswers to a distressed company's problems lie almost alwayswithin the firm itself - usually at middle manager level andbelow. The secret is cooperation. Drawing on interviews with topcompany doctors and advisers, as well as on the authors' ownexperience, Leading Corporate Turnarounds explores seven keyleadership and management skills required for successfulturnaround, and shows why quickly gaining the buy-in and trust ofall stakeholders is the key to ultimate success.* Written by the founding directors of the Society of TurnaroundProfessionals (STP), with a proposed Foreword by theSociety's Patron Sir John Harvey-Jones* Considers the different drivers of turnaround, the alternativesto it, and the restructuring processes required to move beyondcrisis stabilization to sustainable change* Features international case studies from leading companiesincluding BT, Virgin Express, Arthur Andersen, Parmalat, GE, LeeCooper, New Look and IBM

About the Authors viiAcknowledgements ixIntroduction xi1 The Leadership Challenge 12 The Turnaround Framework 193 Before the Turnaround Begins 494 New Leadership 715 Crisis Stabilisation 976 Stakeholder Management 1137 Strategic Focus 1358 Changing Critical Business Processes 1599 Leading Organisational Change 17710 Financial Restructuring 197Appendix Society of Turnaround Professionals 227Index 229