This paper aims to center on the analysis of corporate recovery from internal ethical failure with the examination of Wells Fargo and Company. To move beyond self-inflicted…
Abstract
Purpose
This paper aims to center on the analysis of corporate recovery from internal ethical failure with the examination of Wells Fargo and Company. To move beyond self-inflicted reputational damage and regain sales traction, successful turnaround companies have embarked on a four-step corporate recovery process centered on four key words: Replace, Restructure, Redevelop and Re-brand. Wells Fargo is one recent addition to these recovery stories.
Design/methodology/approach
This paper uses Wells Fargo and Company as a case model to examine corporate recovery. Wells Fargo is just one example of multinational companies that found themselves victims of internal impropriety, poor leadership supervision and unethical strategic decision-making resulting in significant financial losses, drastic declines in stock price and damaged reputation. Using Wells Fargo as an example from the banking industry, the case study approach is an effective way of assessing the viability of the corporate recovery model in various industries.
Findings
The corporate recovery model has served Wells Fargo well over the past few years as the stock price climbed nearly 60% in 2021. In addition, increasingly less public discussion about the account fraud scandal has allowed the reputation of the bank to recover as well. By the last quarter of 2021, the bank saw a 15% increase in revenue and an 86% increase in net income over the previous year. It appears that CEO Scharf is well on his way to turning around the prospects for Wells Fargo and the recovery model has proven again that there is a way through self-inflicted corporate damage.
Originality/value
The recovery story of Wells Fargo and Company adds to the litany of successful corporate recoveries where companies have achieved unprecedented turnarounds by following the model of replacing the leadership, restructuring the organization, redeveloping the strategy and re-branding the product. Implementing this four-pronged recovery strategy can help a company not only survive their specific scandal but also move away from reputational harm and get back on a growth trajectory.
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This paper aims to examine the prospects of a Boeing recovery following disasters in 2019 and 2020. While some companies have navigated successful journeys through the process of…
Abstract
Purpose
This paper aims to examine the prospects of a Boeing recovery following disasters in 2019 and 2020. While some companies have navigated successful journeys through the process of reputational recovery following self-inflicted pain, Boeing faces significant reputational and global complications which have greatly prolonged the recovery process.
Design/methodology/approach
This paper is based on a case study approach examining the recovery process for Boeing, considering the safety issues of 2019 and the pandemic crisis during 2020. Although the Covid-19 spread was certainly a black swan event, Boeing had already inflicted a great deal of damage upon its business and reputation because of the 737 Max. This paper examines their recovery process thus far by using a four-step recovery model of replace, restructure, redevelop and re-brand that has been implemented in previous corporate recoveries.
Findings
When examining the corporate recovery process, though the four-step approach is a model that can work across industries, there are some challenges depending on corporate specifics. The major challenge with Boeing is the ongoing reputational concerns regarding safety combined with the new global reality because of the Covid-19 pandemic. A full corporate recovery will require attention to each of these four prongs of the process, stretched out over several years. Any missteps along the way will only prolong the pain for one of history’s most historic and influential manufacturers.
Originality/value
While several publicly traded companies have overcome significant obstacles over the past five years in the quest to regain trust within the marketplace, Boeing continues to face strong headwinds. Using previous examples of corporate recovery provides an interesting case analysis of what to do and what not to do during the corporate recovery process and provides a unique blueprint to what might bring Boeing back from the brink.
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It is an unfortunate and sometimes entirely avoidable prospect that very successful companies can suffer self-inflicted reputational harm due to poor corporate executive decision…
Abstract
Purpose
It is an unfortunate and sometimes entirely avoidable prospect that very successful companies can suffer self-inflicted reputational harm due to poor corporate executive decision making. One contemporary example is seen with the once popular and rapidly growing pizza chain, Papa John’s as the company has been facing an uphill battle to recover its reputational standing following recent scandal. This article examines the recovery process and the very specific complications with the company itself.
Design/methodology/approach
This is a case study approach examining corporate reputational recovery using a four-pronged turnaround model of replacing the leadership, restructuring the organization, redeveloping the strategy, and re-branding the product.
Findings
While the four pronged approach of replace, restructure, redevelop, and re-brand, appears to be a model that can work across industries, there are some challenges depending on corporate specifics. The major challenge with Papa John’s seems to be in the ongoing connection to the founder with related problems dealing with the legacy of the corporate culture. After all, it is very difficult to move beyond reputational damage for a company still bearing the name of the corporate executive who had been the source of the scandal as well as a company that is largely intact structurally.
Originality/value
This article examines the corporate recovery process for Papa Johns Pizza using a four step model for corporate recovery. The new four pronged approach centers on replacement of the corporate leadership, restructure of the organization, redevelopment of strategy and the re-branding of the product. Papa Johns continues to struggle to regain traction following public relations stumbles in 2017 and 2018 and the four pronged corporate recovery model serves as a valuable analytical tool to examine the impact and effectiveness of their efforts thus far as well as their future prospects.
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The purpose of this article is to examine the interaction of strategy formulation with the intelligence variation of the Johari window. Formulating firm strategy with an…
Abstract
Purpose
The purpose of this article is to examine the interaction of strategy formulation with the intelligence variation of the Johari window. Formulating firm strategy with an understanding of these four knowledge-awareness areas can help a company understand their own strengths and weakness in relation to the dynamics of the industry in which they operate while also developing a greater awareness and understanding of their competition, environmental considerations, and future implications. Through this interaction, a firm can identify factors impacting the organization's future success and can develop a comprehensive strategic plan that adapts to changes and uncertainties in the environment.
Design/methodology/approach
Extant literature and available tools are explored to develop a usable framework in conducting an extensive SWOT analysis as related to the four knowledge-awareness areas, known knowns, known unknowns, unknown knowns, and unknown unknowns.
Findings
It is crucial for businesses to acknowledge the significance of integrating all four categories of knowledge-awareness, known knowns, known unknowns, unknown knowns, and unknown unknowns, into their strategic formulation, as this can facilitate the development of adaptable and effective strategic plans that consider the constantly evolving business landscape. This approach can equip organizations with the necessary tools to thrive over the long term, even with unforeseen obstacles and uncertainties. It is imperative that businesses do not overlook the importance of considering all four categories during analysis to enable them to achieve strategic planning that is both effective and adaptable.
Originality/value
Focusing only on the knowns that are already identified, while disregarding the unknowns that have not been discovered, can lead to blind spots and oversights that can be detrimental to the organization's growth and sustainability. By being aware of all four categories of knowledge, an organization can adapt to changes and uncertainties in the business environment, and make informed decisions based on a fuller picture of the situation.
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Following the diesel emissions debacle of 2015, Volkswagen Group has rebounded significantly in terms of sales and market value. When examining Volkswagen’s dramatic recovery, it…
Abstract
Purpose
Following the diesel emissions debacle of 2015, Volkswagen Group has rebounded significantly in terms of sales and market value. When examining Volkswagen’s dramatic recovery, it is clear to notice four distinct elements that helped to bring about this rapid turnaround. To push through the public relations nightmare and regain sales traction, Volkswagen embarked on a four-step process that centered on four key words: Replace, Restructure, Redevelop and Rebrand. The purpose of this study is to examine that process.
Design/methodology/approach
This study is a case study examining the performance of Volkswagen Group and their recovery from the 2015 diesel emissions scandal. To achieve their significant turnaround, the company sought to: replace the leadership, restructure the organization, redevelop the strategy and rebrand the product. This study examines those four steps in the recovery process as a model for other firms.
Findings
To try and achieve an unprecedented turnaround, the company sought to: replace the leadership, restructure the organization, redevelop the strategy and rebrand the product. These four strategic elements formed the basis of a newly focused company and continue to push the company forward and further away from the scandal. This four-step process of recovery provides an excellent case study for other firms who may find themselves in the midst of turmoil and crisis.
Originality/value
To push through the public relations nightmare and regain sales traction following their 2015 emissions testing scandal, Volkswagen embarked on a four-step process that centered on four key words: Replace, Restructure, Redevelop and Rebrand. These four strategic elements formed the basis of a newly focused company and continue to push the company forward and further away from the scandal. This four-step process of recovery provides an excellent case study for other firms who may find themselves in the midst of turmoil and crisis.
In response to the prevalent emphasis on short-term leadership, this article introduces a leadership framework that emphasizes four essential principles. These principles are…
Abstract
Purpose
In response to the prevalent emphasis on short-term leadership, this article introduces a leadership framework that emphasizes four essential principles. These principles are aimed at promoting long-term effectiveness and sustainability in organizations centered on responsible leadership. These principles include developing long-term orientation, embracing organizational diversity, demonstrating emotional intelligence, and prioritizing ethical decision-making. These responsible leadership principles play a critical role in fostering long-term organizational success.
Design/methodology/approach
This article presents a conceptual framework that organizes and structures the key concepts, ideas, and theories regarding organizational effectiveness and long term viability.
Findings
For a responsible leader to establish a lasting social legacy and foster sustainable development, it is crucial for them to cultivate a robust and viable corporate culture, built around these four leadership principles. These principles bear witness to the fact that true evidence of sustainable leadership achievement emerges only after the leader's departure. Responsible leaders, through their track record, leave behind a social legacy by nurturing long-term organizational viability. To ensure a positive and enduring legacy beyond their leadership tenure, leaders can adopt these five principles that provide a foundation for the organization to thrive well into the future.
Originality/value
In the modern context, many leaders hesitate to make tough decisions due to the prevailing focus on immediate results. Followers, stakeholders, and investors prioritize quick responses, often at the expense of long-term considerations. However, by prioritizing the implementation of these four principles, leaders can overcome the allure of immediate gratification and instead, shift their focus toward long-term success measured in years, not just months. In leadership, the legacy left behind holds greater significance than we often realize, and recognizing this importance is crucial for the future prosperity of our organizations.
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The purpose of this article is examine some of the most successful contemporary global business leaders in relation to undergraduate institution and undergraduate major in order…
Abstract
Purpose
The purpose of this article is examine some of the most successful contemporary global business leaders in relation to undergraduate institution and undergraduate major in order to examine the value and return of higher education programs for global business leadership. This is an important topic in the modern global context, as there continues to be an increasing global push toward deemphasizing and defunding liberal arts education in favor of science, technology, engineering and math (STEM) fields for college and university students around the globe.
Design/methodology/approach
The educational backgrounds of the 2019 Fortune 50 CEOs were researched in relation to undergraduate institutions attended and undergraduate majors. The study also included an examination of graduate education, if applicable. Using available biographical information regarding the CEOs educational backgrounds, these business leaders were compared relative to the educational data.
Findings
An examination of the undergraduate educational backgrounds of the 2019 Fortune 50 CEOs revealed an exact split between 18 STEM majors, 18 liberal arts majors and 18 business majors, with 1 CEO who began university studies but did not graduate. Upon examination, it is also apparent that some majors were more directly related to a CEO's industry, while other majors ended up having little relation to the CEO's chosen career path.
Practical implications
The results of this study contribute to the very important discussion concerning the long-term value of a college education. At both micro and macro levels, stakeholders are constantly questioning the ultimate return on investment of a college education, and examination of the 2019 Fortune 50 CEOs indicates that the choice of college major is only one ingredient in the overall recipe for professional success. For these business leaders, there were a wide variety of educational paths, in terms of college academic preparations, that eventually led to the very pinnacle of professional and leadership attainment.
Originality/value
This study demonstrates that a particular undergraduate field of study is not going to make or break a career, and the examination of these Fortune 50 CEOs indicates that one's ultimate career achievement is not simply relegated to the specific field of undergraduate major.
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This paper is concerned with the cultural components of change and district coherence. The purpose of this paper is to present two district cases studies, illustrating their…
Abstract
Purpose
This paper is concerned with the cultural components of change and district coherence. The purpose of this paper is to present two district cases studies, illustrating their experiences with a particular initiative that guided local leaders through both structural and cultural changes.
Design/methodology/approach
The paper uses two qualitative case studies to illustrate how a new initiative led by an external partner might help local district leaders learn to shift from financial pass-through or compliance-oriented observer to coherence-making, capacity-building force for schools. Cases were conducted in New Hampshire, USA, studying two districts implementing an RTI-related initiative.
Findings
The project was an opportunity to use a common objective – improving learning for all students – and several common school elements – team meetings, student data and job-embedded professional development – in combination to impact how staff work and how they work together for the benefit of students. In particular, team-based leadership, instructional coaching, and collaboration structured around instruction and student data were all powerful practices with structural and cultural impacts.
Research limitations/implications
It remains to be seen if the districts can both initiate these changes on their own as well as sustain these culture-making roles over time.
Practical implications
The paper illustrates several activities that other districts may use to work toward becoming cultural learning organizations.
Originality/value
The value of district central offices taking on new roles, such as learning organization or cultural coherence maker, is established by authors like Honig. This paper illustrates on way district offices might learn to take on these roles.
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Purpose – This chapter attempts to provide a literary analysis of the various ways in which the importance of basketball in North American Native culture has…
Abstract
Purpose – This chapter attempts to provide a literary analysis of the various ways in which the importance of basketball in North American Native culture has been represented in literature produced by three Native American authors: James Welch, Stephen Graham Jones, and Sherman Alexie.
Design/methodology/approach – The foundation of this study is derived from Kareem Abdul-Jabbar’s account of his experiences as a coach of Apache players in Arizona in A Season on The Reservation, and the example of Shoni Schimmel, from the Confederated Tribes of the Umatilla Indian Reservation, who is featured in the documentary, Off the Rez. These documentary accounts are supplemented by a critical apparatus drawn from the ideas of the Anishinaabe critic, Gerald Vizenor.
Findings – The character of the Native basketball star functions as a complex signifier that resists Western conceptions of individual achievement and success in favor of Native conceptions of community and cultural survivance.
Research limitations/implications – The limitations of literary analysis stem from the engagement with a body of Native literature that is by no means comprehensive. In addition, the views expressed by each writer are necessarily punctuated by narrative ambiguity and indeterminacy.
Originality/value – The chapter provides a unique introduction to the motif of basketball in contemporary Native American fiction and the storytelling practices from which meaning emerges. The analysis of the works addressed highlights a Native-centered interpretive approach that reveals the complex meaning of basketball in Native American society. The use of this culturally responsive critical paradigm allows readers to approach Native literary achievement on its own terms, rather than from the perspective of the dominant culture.
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This article examines the locus of power in the large corporation (The East India Company) over a 125 year period and the career paths of two of its dominant players (Laurence…
Abstract
This article examines the locus of power in the large corporation (The East India Company) over a 125 year period and the career paths of two of its dominant players (Laurence Sulivan and James Mill). Sulivan embodies the character of such modern powerful leaders as Jack Welch and Lee Iacocca. Mill represents the modern power broker associated with the “technostructure”. What gave rise to the technostructure? What were the qualities of Sulivan and Mill which allowed them to dominate the organization? These are two of the questions investigated.