By Jean-Frédéric Mognetti
Take a administration trip to the guts of the restructuring of SN Brussels airways, sharing the dos and donts of Jean-Frdric Mognettis 3 years of hands-on event as restructuring catalyst to the corporate. In 2002 SN rose out of the ashes of Belgian airline SABENA, witnessing a amazing turnaround and returning to carrying on with earnings as early because the moment 12 months of operations, even happening to procure Virgin convey in 2005. This was once completed with a modest fairness funding of €150 million, 12 instances lower than the money that Swiss foreign airways, SNs former sister corporation, bu. Read more...
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Extra resources for Out of the ashes: tools for recovering corporate health
Two acts. The ﬁrst, until the declaration of intent to do something with Virgin Express in March 2004, was prolonged by nearly a year of due diligence and negotiations. The second one began after the closing of the deal (end ﬁrst quarter 2005), which led to the conclusion mentioned above. ’16 Initially, I analysed the situation as a continuum, but a discussion with Arnaud Fayet (see page 23) about rewiring a growth context made me realize I was making a mistake. ’ 26 May 2005. 1). 1: Today’s success does not guarantee tomorrow’s CMB was a story in three acts.
An initial success is not a reason to lessen one’s own vigilance, because the foundation of a corporate renewal can also be undermined. The best repellent is the CEO’s sharp communication style, making it known that there is only one corporate way to read good news. The early days of a turnaround are scattered with little aches and pains. But at the operational level, these do not prevent the different managers from restoring conﬁdence day after day in their own performance and consequently in the real potential of their new company.
Its survival and its independence. Turnaround is about turning the page from the past. The management style of the new CEO must reﬂect this willingness. Finding the correct tempo for the new era is one thing, but it must also be supported by active reminders, which is the role of symbols. Moreover, the search for the correct symbol is not a management trick but a mandatory step in securing a transformation process. Finally, transformation is about continuous adjustment. It is a mistake, or more precisely a form of complacency, to formalize the transformation into a glossy paper document, which by its intrinsic nature limits the opportunity for micro adjustments to ﬁne-tune the effectiveness and the relevance of the transformation process.