December 18, 2017

New CEO's Turnaround Effort - Success and Failure

The Transformations That Work—and Why
NOVEMBER 7, 2017
By Hans-Paul Bürkner , Lars Fæste , Jim Hemerling , Yulia Lyusina , and Martin Reeves

A New CEO's Turnaround Success Based on Listening to Employees and Customers

A New CEO's Turnaround Project - Important Points

I spent most of my first 90 days out in operations and in the field listening — to my employees,  to customers, to suppliers. Listening, watching, evaluating the situation, the opportunity, the constraints and the possible solutions to decide  the steps were that needed to be taken. The decision making was made into a more decentralized model.

You should not attempt to fix a company without data from the trenches. You have get into your employee’s shoes, and your customer’s shoes. Know what problems are to be solved and then only come with solutions.

People at their core want to be part of something successful. To make them a part of successful venture from now make them believe that they’re part of planning the venture. Make them feel good of their 5, 10, 15 years of experience. Tell them it is worth something. Their opinions were worth something. You give that respect to  an equipment operator, a plant foreman, and plant manager. Make them feel proud of their knowledge and skill.

As a CEO who joined recently, trust them first. Back them in their routine activities and they will trust you and participate in strategy development. Make progress and share the benefits of the progress with all employees.

The new CEO has to harvest the collective wisdom gained over years of experience by large number of employees, and then motivate them through good leadership demonstrated to the next level of managers and asking them to exhibit similar style down the line. A CEO can’t be everywhere. But leadership style, performance culture, and a work environment that was supportive of each other can be everywhere in the organization.

The CEO: Sandbrook of US Concrete

Updated 19 December 2017, 3 July 2017

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