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The Comeback Kids

Lessons from Successful Turnarounds

For leadership teams, turning around a troubled company represents the truest test of their performance. The 11 stories here detail some of the most successful turnaround initiatives in the world over the past decade. Facing clear challenges, these companies—the Comeback Kids—have taken the tough measures necessary to dramatically improve their profit margins and generate substantial value for shareholders. As a group, they have outperformed the S&P Global 1200 by 46 percentage points since 2013. They illustrate the value of strong and decisive leadership and a structured approach to turnarounds—in situations where the stakes could not be higher.

Explore the case studies below or download the full report.

The Italian Comeback Kids: Lessons from Successful Turnarounds

All companies run into problems, but the outcome is largely within management’s control. Five case studies show how decisive action in turnarounds can lead to successful results.

Energy’s Comeback Kids

Volatile oil prices, regulatory uncertainty, and new technologies have hit the oil and gas and utility sectors hard, but six companies have managed to thrive. Find out how.

The Nordic Comeback Kids: Turnaround Stars and Their Stories

These value creation stars ranked in the top quartile of value creation after a turnaround. Although they took different paths, all followed three core principles.

HSBC: Simplifying the Organization

Acquisitions made the financial services company too complex. So HSBC sold off some holdings, streamlined what remained, and made a big bet on digital.

BRISTOL-MYERS SQUIBB: Reshaping the Portfolio

As many big pharma companies were trying to diversify, BMS did the exact opposite.

BOSTON SCIENTIFIC: Creating a Bold Strategy

The medical device company positioned itself for the future by focusing on innovation, thinning out bureaucracy, and helping teams collaborate.

NOKIA: Reprogramming for Growth

In the latest transformation in Nokia’s 150-year history, the company, once a dominant player in mobile phones, rebuilt itself as a world leader in telecom infrastructure.

“Even if a company doesn’t think digital is a part of the turnaround strategy, it needs to be.”

UPM-KYMMENE: Evolving Beyond Declining Product Categories

As demand for newsprint and bulk paper has fallen, Finland’s UPM has shifted to higher-growth products and new categories.

GROUPE PSA: Revamping the Product Lineup

The parent company of Peugeot, Opel, and other European car brands rebounded after the financial crisis by trimming its portfolio and doubling down on digital.

LinkedIn Post

Transformations that Work and Why

How did Nordic companies succeed while others failed? Anders Madsen identifies the three key elements of their approach.

“Companies that are strong today can see disruption on the horizon, and performance just two years out is far from given.”

Qantas: Improving Operations and Investing in Digital

Faced with new competition in its home market, the Australian airline protected its turf by upgrading its fleet, launching new routes, and investing in digital to improve the customer experience.

OLYMPUS: Refocusing on Core Strengths

As smartphones cut into camera sales and health care reform hurt the medical imaging business, Olympus restored itself by investing in markets where it was already strong.

Ajinomoto: Diversifying into New Markets

Suffering from intense price competition, the Japanese chemical and flavorings company shifted away from commodity offerings and developed specialty products for new customers.

Lanxess: Forging Strategic Partnerships

When low oil prices brought on new rivals, the specialty petrochemicals manufacturer fought back by cutting costs and partnering with one of the world’s biggest oil companies.

Acciona: Resetting After a Disruption

Hit by regulatory changes and low public spending, the Spanish infrastructure company recovered by paying down debt, restructuring, and moving into high-growth countries.

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