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Recovery in Years

13th May
2007
written by Dr. Leslie Gaines-Ross

A recent BusinessWeek article (May 14, 2007) on Schering-Plough’s CEO Fred Hassan revitalization of the pharma company quoted his restoration formula: “Stabilize, repair, turn around, build the base, break out.” Hassan warned that it takes about seven years to turn around a company. He should know since he turned around Pharmacia, later sold to Pfizer. Seven years is a long time but to reach the “break out” phase of reputation recovery, he is right.

I would probably add another element to the five-point strategy before “break out” — building incremental short-term wins. Providing visible proof of the turnaround is necessary to convince critical stakeholders that the turnaround is genuine. Hassan seems to agree because he remarks that its important to let the engine run well before breaking out from the pack. [Sorry I cannot link to sites. My Internet connection is not working. Am not in the U.S.]

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