Leading a turnaround Essay Example | Topics and Well Written Essays - 250 words

Leading a turnaround - Essay Example Another change made was to reinvest savings back into the business; this had the knock-on effect of raising the company’s EPS. However, perhaps the most successful change was to instill a new corporate culture that respected leadership; this was important if Loren was going to be able to pick the company up because he needed respect of his subordinates. After five years of Loren in charge, the company’s reputation and value grew enormously, with double-digit earnings growth year-on-year. In January of 2005, Loren stepped as CEO of the company and handed over the reins to Steven Alesio (this was planned for two years before it actually took place). For the few months following that move, Loren remained as chairman; he stepped down from this role in May of 2005 and was replaced once again by Steven Alesio. With the company heading in the right direction, it was the right time for Loren to retire and leave the company in the capable hands of someone who he has specifically chosen for the