Enterprise-Wide Transformation for Financial Publishing Company
A global publishing company had made an acquisition a few years earlier to take advantage of the company’s content, viewing the purchased company as a potential cash cow. A major competitor introduced a new technology, and almost overnight the market changed. The publishing firm began to lose market-share to its competitor and its leadership decided they needed to shake up the entire business. They decided to make a $450 million investment that included creating a new technology architecture as well as remaking the established culture of the firm.
A leadership coalition was formed with representation from around world. They created a vision and values for the company that served as a cultural framework on which to build for the future. A global enrollment team was created in order to get communication out overnight around the world. To create globalization with the middle management, 120 senior managers from Asia Pacific, London, and the US came together for global meetings.
For the first time, 13 new product and technology development teams were on line to deliver projects on time and within budget; global collaboration was stimulated between North America, Asia Pacific and EMEA regions and the executive team was actively engaged in providing inspirational leadership and strong change management.
Close to 18 months into the initiative new shareholder dynamics at the board level necessitated retiring the turnaround strategy and selling the subsidiary in separate asset streams.
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