Driving change with senior level leadership
Mass Market Retailer – Strategic Change through Heightened Executive Team Alignment and Performance
A multimillion U.S. - based mass retailer experiencing declining growth at home sought to reverse the trend by expanding into the Asian market. However, the Executive Team was unable to execute on the strategy: international expansion efforts were foundering while the Leadership Team argued and acted disjointedly. The CEO was at a loss to correct the downward spiral. The Board demanded a rapid turnaround and threatened to fire the CEO.
Our Executive Coach was hired by the CEO to assist him in getting the Executive Team on board with his strategy and then successfully implementing it. After in-depth individual interviews with the CEO, the Executive Team, and several Senior Managers, the Coach counseled the CEO on how to modify his leadership style in a way that would strengthen and maintain Executive Team cohesiveness and strategic focus.
Our Executive Coach and his CEO client successfully:
- Clarified accountability and roles among the Executive Team.
- Implemented meaningful performance metrics for the team and its individual members focused on the company’s strategic agenda.
- Reconfigured Executive Incentive Compensation using a Balanced Scorecard approach with a payout threshold predicated on Far Eastern market growth.
- Entered the Asian market at a cost 30% less than anticipated by joint venturing with a local partner.
- Hired knowledgeable, experienced professionals in the Asian Market while reducing salary costs approximately 20%.
- Increased revenues by 25%.
- Assessed Executive Team members and replaced one unproductive executive with a vetted, less expensive candidate known for his Far Eastern expertise and contributions in a team setting.
- Significantly increased the CEO’s ability to conduct a productive senior-level sessions and get results.
The company continues to grow both at home and abroad by 15% annually despite the economic downturn.
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