We commit to cover sensible issues responsibly through the principles of neutrality. Does Gary Mendez Die on A Million Little Things? Gerstner said the market was telling Fed Chair Jerome Powell that if the current pace of rate hikes continued, "a lot more stuff" would break. Gerstner led a Series C investment into Snowflake, which went public in 2020 and was dubbed the largest software IPO at the time. Gerstner attended Wabash College from 1989 to 1993, where he was a Lilly Scholar and earned a BA in economics and political science. Sitting beneath a turntable, the SpinBase Max delivers impressive, 270-degree audio and can even stream your vinyl to Bluetooth headphones. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. IBM chairman Louis V. Gerstner, Jr. (MBA '65) discussed the importance of strategy, execution, and culture when transforming an institution, as part of the MBA Program's Distinguished Speaker Series in November. For his contribution to public education, Gerstner was made an honorary Knight Commander of the Order of the British Empire (KBE) by Queen Elizabeth II in 2001. Baidu, AutoX Expand Uncrewed Robotaxi Operations In China - Will The World Catch Up? That kind of individualism and decentralization had served Big Blue well for many years, but by the 1980s and early 1990s it was no longer tenable. Here he qualified as a Jump scholar due to his high academic ability. These days, Gerstner sees the basis of IBM's subsequent transformation as wholly cultural. For just a little while after that meeting, he admitted to the students, he began to doubt his decision to join the company: as he put it with a smile, gripping the podium with both hands, "Sometimes I thought I bought the ranch.". He was a jump scholar at the Indiana University at Bloomington School of Law from 1993 to 1996. Since stepping down from IBM in 2002 he has continued to lead an active "portfolio" life in education, healthcare, and private equity. Our dedicated Editorial team verifies each of the articles published on the Biographyhost. Their goal is to improve diversity within the corporate Boardrooms drastically. Our editors will review what youve submitted and determine whether to revise the article. His investments were seen as amateur and riskyuntil they paid off. $7.3 million will expand support to existing emergency grant programs at 19 grantees across the country, with an additional $0.6 million . He is a member of the National Academy of Engineering, a Fellow of the American Academy of Arts and Sciences and has been awarded honorary doctorates from a number of U.S. universities. "It took me to age fifty-five to figure that out. Three significant banks with heavy exposure to startups or cryptocurrency collapsed or were shuttered in the past week. [1][2], From 1993 to Gerstner's retirement in 2002, IBM's market capitalization rose from $29 billion to $168 billion. Bradley Thomas Gerstner was born on May 4, 1971 to Thomas Gerstner and Martha Burt. Therefore, Brad Gerstner has an estimated net worth of $1 billion. ", "We are at the verge of one of the most interesting periods of technological innovation," Gerstner told CNBC's Scott Wapner, before comparing the current moment to the 2008 financial crisis. By the end of 1994, IBM ceased new development of OS/2 software. He achieved this by finding new uses and users for the card, such as college students, physicians, and women, as well as persuading corporations to adopt the card as a more effective way of tracking business expenses. The WD Elements SE Portable SSD is an ultra-portable SSD (weighing less than one ounce) that offers capacities of up to 2TB. From May 1996 to December 1997, Gerstnerservedas a junior lawyer in the venture capital, securities, and corporations sections of Ice Miller, one of the largest law firms in Indianapolis, Indiana. He is largely credited with turning IBM's fortunes around. Louis Gerstner III passed away last Wednesday while dining alone at Lenox Hill Grill . By Friday, SVB had been closed by regulators. Using IBM's technological finesse to make solutions for customers in addition to just creating fancy technology was also a key to its new strategy. Despite being the worlds largest computer manufacturer and one of the countrys leading companies, with $60 billion in sales, IBM was reeling from losses of $5 billion in 1992. The Olay Scientist Appears on Jeopardy!, Who Is Chris Carlos? Loved ones: Gerstner is survived by his wife of 14 years, Mary Gervaise Lawhorne (center), and their two daughters, Grace and Olivia, Visionary: Louis Gerstner III's father, Louis Gerstner Jr, is credited with turning around the fortunes of IBM and saving it from bankruptcy during his nine-year tenure as the tech giant's CEO. Published: 16:51 BST, 21 August 2013 | Updated: 22:49 BST, 21 August 2013, Sad loss: Louis Gerstner III, 41, a philanthropist and the son of a former IBM CEO, passed away after choking on his food at a New York City diner. Its market cap was about $65 billion in April 2022. He defied expectations and made profits on Priceline, Expedia, Uber, Twilio, and Hubspot. Bloomberg has referred to him as the Online Travel King due to his vast travel investment portfolio, including Booking.com, Uber, Airbnb, and Expedia. [3][4][7][8][9] After graduating, Gerstner was a founding principal of General Catalyst, worked at several travel website startups and then worked as a Portfolio Manager for PAR Capital from 2005 to 2008. By 1970 he had become one of the youngest partners in the history of the firm and distinguished himself by overhauling the bankrupt Penn Central Railway. October 31, 1997: 7:36 p.m. 2023 Forbes Media LLC. Lou Gerstner on corporate reinvention and values | McKinsey The firm is currently located in Boston, Massachusetts, and Menlo Park in California. The company's board had forced his predecessor John Akers to resign, looking first within the computer industry for his successor. ET. He also served as the Indiana Deputy Secretary of State for a term. He co-founded Openlist.com, a local search start up that was self-funded and sold to Marchex (Nasdaq: MCHX ); Gerstner was elected a member of the National Academy of Engineering in 1999 for technical leadership in enhancing the competitiveness of U.S. industry. Mr. Gerstner is the author of Who Says Elephants Can't Dance,the best-selling account of IBM's transformation; and he is the co-author of the book Reinventing Education: Entrepreneurship in America's Public Schools. [3][4][12], In 2008, Brad Gerstner founded Altimeter Capital in Boston, Massachusetts. Through Altimeter, the hit gaming company Roblox went public in 2021, and its stocks are soaring. Louis Vincent Gerstner Jr. (born March 1, 1942) is an American businessman, best known for his tenure as chairman of the board and chief executive officer of IBM from April 1993 until 2002, when he retired as CEO in March and chairman in December. Gerstner said he wasn't "pointing fingers" at Fed Chair Jerome Powell. "No institution will go through fundamental change unless it believes it is in deep trouble and needs to do something different to survive.". But how did Gerstner grow from a small-town boy into one of the most influential technology-focused investors in America? At the time, the technology giant was in dire straits, but Gerstner was able to transform the struggling company on the verge of bankruptcy into a profitable business. "Like many other companies in a zero rate worldMeta has. Customers want solutions He then earned his MBA from Harvard in 2000. Workers; In Dutchess County, a Disorienting Time for Employees Less Hardened to Job Loss", "Louis Gerstner III, Son of Celebrated IBM Chairman, Dies at 41", "The Decline and Fall of IBM | I, Cringely", "Louis V. Gerstner Jr. lays out his post-IBM life", "Eric Schmidt appointed incoming Chair of the Broad Institute Board of Directors", "Our Impact & Approach | Gerstner Family Foundation", "Golden Plate Awardees of the American Academy of Achievement". Clerk training in access laws is", "Online-Travel King Brad Gerstner Wants Venture Capital Empire", "After Snowflake windfall, Altimeter Capital captures dealmaking spotlight | PitchBook", "Investors push for board shake-up at United Continental Holdings", "United was 'clumsy' at first in scandal, but eventually 'got it right,' investor says", "Meta shareholder writes critical open letter saying company needs to slash headcount and stop spending so much money on 'metaverse', "Meta Needs to Slash Metaverse Spending to 'Get Mojo Back,' Shareholder Says", "Meta laying off more than 11,000 employees: Read Zuckerberg's letter announcing the cuts", https://en.wikipedia.org/w/index.php?title=Brad_Gerstner&oldid=1148297375, This page was last edited on 5 April 2023, at 08:47. [3][4][7][8] He did day trading to help pay for his law school fees. Everyone in the room was actively sharing ideas. She then worked at the Charles and Lynn Schusterman Family Foundation as the Director of Education. Omissions? Gerstner also serves as Director at iHeartMedia. They write new content and verify and edit content received from contributors. He owned and operated Wawasee Boat Care for more than three years. Updates? In 2011, he launched his metasearch site, Room 77, due to his passion for finding quality hotels for his business trips. After operating it for a couple of years, the co-founders sold the start-up to a Seattle-based conversational analytics company Marchex (Nasdaq: MCHX), in 2005. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'biographyhost_com-box-4','ezslot_5',146,'0','0'])};__ez_fad_position('div-gpt-ad-biographyhost_com-box-4-0'); Gerstner then worked as a portfolio manager at a Boston-based investment capital firm called PAR Capital for the next three years. Got a confidential news tip? Brad Gerstner was one of the most prominent venture capitalists and the founder of many travel-related internet startups. Brad Gerstner: The Fed needs to slow down or 'stuff is going to - CNBC Exclusive whiskey intel from one of the spirit industry's top annual tasting events. After attending Harvard University (M.B.A., 1965), he joined McKinsey & Co., a management consulting firm headquartered in New York City. It seems I'm not alone. At IBM he established Reinventing Education as a strategic partnership with 21 states and school districts which utilize IBM technology and technical assistance to eliminate key barriers to school reform and improve student performance. The next year he published an account of his time with IBM, Who Says Elephants Cant Dance?, and in January 2003 Gerstner became chairman of the Carlyle Group, a leading private equity firm. Boyers was an assistant superintendent for human resources in the Boston Public Schools at that time. He served as chairman until October 2008 and upon retiring from that position . He froze some long-term projects and continued the cost-cutting measures begun in the late 1980s by ordering 35,000 additional layoffs and by reducing overhead costs and operating expenses. What is Brad Gerstners net worth? Louis Vincent Gerstner Jr. (born March 1, 1942) is an American businessman, best known for his tenure as chairman of the board and chief executive officer of IBM from April 1993 until 2002, when he retired as CEO in March and chairman in December. It's a 1920Wh LiFePO4 portable battery power station with 16 outputs, including six AC outlets. "Everybody's strategy in industry is fairly similar. It was here that their relationship blossomed; they tied the knot in 2007 during a lavish ceremony at the famous Marthas Vineyard. The prevailing wisdom of the time held that IBM's core mainframe business was headed for obsolescence. He also served as chief boat washer in his company. ", "The State of Secrecy. News", IBM100 - e-business - Transforming the World, "Akers: A Nice Guy Who Lost His Compass (Jan 1993)", "How Lou Gerstner Got IBM to Dance - GOOD2WORK", "Technology News, Analysis, Comments and Product Reviews for IT Professionals", "The Pain of Layoffs for Ex-Senior I.B.M. Living the high life: Gerstner owned a $2million two-bedroom apartment on the Upper East Side, not far from the Lenox Hill Grill, Home base: The 41-year-old philanthropist is listed as the owner of a massive $12.7million colonial mansion in Greenwich, Connecticut, just steps away from the Long Island Sound. Upon becoming chief executive of IBM, Gerstner declared: "the last thing IBM needs right now is a vision", as he instead focused on execution, decisiveness, simplifying the organization for speed, and breaking the gridlock. He stepped down as CEO of IBM in 2002. This page is not available in other languages. Many expected heads to roll, yet Gerstner initially changed only the CFO, the HR chief, and three key line executives. Tesla's crash data seem amazing, but the reality is very different and many have been misled by the numbers. Gerstner said the market was telling Fed Chair Jerome Powell that if the . He also created exclusive versions of the card for higher-end clients, such as the Gold Card and the Platinum Card. Altimeter Growth Corp is based in Silicon Valley and Boston, where Gerstner serves as Chairman, Chief Executive Officer, and President. Three years after Gerstner's 2002 retirement, IBM sold the PC division to Lenovo. Gerstner was hired as chairman and CEO of IBM in April 1993. 2023 CNBC LLC. "AGCB Company Profile & Executives - Altimeter Growth Corp. 2 Cl A - Wall Street Journal", "Newcomers To The Midas List 2022: Backing What's Trending At Home And Abroad", "Altimeter Capital's Brad Gerstner Says Facebook's Management Team is Open, Honest, and Transparent", "Wabash Magazine 2020: What Are You Going to Do About This? The couple are parents to two boys, Lincoln (12) and Jack (10). By: Caroline John - Published: March 12, 2021 at 7:01 am. With Altimeter raking in billions, Brad Gerstners net worth is estimated at anywhere between $1.0 billion and $2.0 billion. Gerstner then co-founded and was CEO of Openlist.com, a vertical search and advertising platform; he successfully sold this business to Marchex in 2006. "Here we are again, we have a major reset occurring in the world.". It was fine till the last moment,' John Politidis told the New York Post. Gerstner has now built Altimeter to a billion-dollar investment firm. His mother had remarried to one Robert Burt, who passed away in 2016. They also help undocumented immigrants in the Bay Area, California, with the legal services they require. He founded a technology-focused investment firm called Altimeter Capital in 2008. [12] His choice to keep the company together was the defining decision of his tenure, as these gave IBM the capabilities to deliver complete IT solutions to customers. Gerstners father passed away, leaving his mother, Martha, to remarry Robert Burt, who passed away in 2016. "On . Corrections? This scholarship aimed to support law students to develop prosperous law careers and support future law students. Louis V. Gerstner, Jr. | Broad Institute After all, such a company has nothing left to lose. Gerstner loves to travel for business and pleasure and follows his two-stamp rule, whereby his passport should have two new passport stamps each year. Following IBM, Mr. Gerstner joined The Carlyle Group, a global private equity firm located in Washington, D.C. One Of The Most Valuable Whisky Collections Is Now Up For Auction, SpinBase MAX Review: Andover Audio Supersizes Its All-In-One Turntable Speaker System, Tucker Carlson Leaves A Bigger Hole At Fox Than Don Lemon At CNN, Tesla Again Paints A Crash Data Story That Misleads Many Readers, Review: Pecron E2000LFP Expandable Portable Power Station. Very few companies in the world today can afford to indulge in unique systems for every office branch, he said. Gerstner then graduated with a Bachelor of Arts degree in Economics and Political Science in 1993 from Wabash College in Crawfordsville, Indiana. Vornado Realty Trust suspended its dividend through the end of the year. Gerstner stepped down as CEO of IBM in March 2002. Their profile was far different from most regional banks, which focus on small businesses or individual consumers. Playing tourist! Sotheby's has opened up online bidding ahead of its live auction in New York on May 11. This scholarship, designed to support improving levels of attainment within Indiana, helped Gerstner earn a BA in Economics and Political Science. Sounds more like the stuff of a Stalinist people's republic. The family lives in Woodside, California and collectively enjoy runs, biking, skiing, and surfing. Boyersisthe CEO of the Give Forward Foundation, an organization focused on improving education in low-income schools and providing legal services for undocumented immigrants in the Bay Area, California. Master of Business Administration, Harvard University; Doctor of Jurisprudence, Indiana University; Bachelor of Arts/Science, Wabash College. Einrides Self-Driving Goal Is Medium-Haul Electric Trucks, Not Long Haul. Gerstner studied engineering at Dartmouth College in Hanover, New Hampshire (B.A., 1963), where he graduated magna cum laude. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Outgoing IBM chairman and CEO Akers, a company lifer, was excessively immersed in its corporate culture, remaining loyal to traditional ways that masked the real threats. He didn't, but it may have looked that way at the time. Brad Gerstner is an American investor and entrepreneur. "They were very good, very relentless, very focused. While every effort has been made to follow citation style rules, there may be some discrepancies. The company has spent $800 million per year for the last nine years on process transformation, he said, and it is now transforming the process systems once again to make them all network-enabled. That leaves room for "plenty of investigation and plenty of questions asked for everybody involved," he said. [20] Long allowed by their managers to believe that employment security had little reference to performance, thousands of IBM employees had grown lax, while the top-performing employees complained bitterly in attitude surveys. He left AmEx in 1989 to succeed Ross Johnson as chairman and chief executive officer of RJR Nabisco following its $25 billion leveraged buyout by Kohlberg Kravis Roberts.[6]. "In our case we were able to define a strategic path that made sense," he said, adding that the strategic path was not altogether different from what some people at IBM had been espousing before he arrived. In 2008, Brad Gerstner founded Altimeter capital, which has $18 billion in assets under management as of April 2022. Einride feels they are the best path to electric trucks, and that's the best way to reduce emissions. The 41-year-old son of a former CEO of IBM has died after choking on a piece of steak at a New York City diner. As sales and profits rebounded, Gerstner was promoted to chairman and chief executive officer of AmEx's Travel Related Services in 1982, and president of the parent company in 1985. Many companies are looking to make self-driving trucks. Under his stewardship, IBMs market value jumped from $29billion to $168billion over the course of nine years, Bloomberg reported.. Gerstner Jr retired as CEO in 2002, and later wrote a book about his experience turning around IBM's fortunes titled Who Says Elephants Cant Dance? Gerstners father, Louis Gerstner Jr, 71, became the CEO of IBM in 1993. Gerstner met his future wife, Michelle Boyers, whilst they were both MBA students at Harvard. Most recently, the 41-year-old served as president of the Gerstner Family Foundation, providing education opportunities to underprivileged children, the New York Times reported. Also known as: Louis Vincent Gerstner, Jr. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. ", Discussion at that IBM meeting, he said, seemed to be conducted in almost a private company code, like another language. Brad Gerstner is an American investor and entrepreneur. [8] After graduation he practiced securities law as a lawyer at Ice Miller LLP and served a term as Deputy Secretary of State of Indiana. The fact that lucrative companies successfully acquired these businesses demonstrates Gerstners ability to build thriving businesses. As a result of the takeover, the company was saddled with a massive $25 billion debt, with annual interest costs of $3 billion. [3][4] His father was Thomas Gerstner and his mother was Martha Burt. Culture is king Gerstner: the interview. Thomas is survived by his four childrenLynne Vandy, William Gerstner, Douglas Gerstner, and Brad Gerstnerand their respective spouses and children. Data is a real-time snapshot *Data is delayed at least 15 minutes. [15] Soon after, Gerstner announced e-business as IBM's growth strategy and formed the IBM Internet Division, led by Irving Wladawsky-Berger. It was one of the tools that a manager had at his or her disposal when you think about an enterprise. Inside IBM's Historic Turnaround (HarperBusiness 2002). Brad Gerstner - Wikipedia From 2007 to 2011, he was an investor and advisor to a Seattle-based online real estate marketplace company Zillow. Altimeter Capital's Brad Gerstner Says Facebook's Management Team is In 2003, he co-founded and served as a CEO of a local search start-up called Openlist. He saw that the company needed to come together to survive. And straight out of Harvard, Gerstner served as the co-CEO of the National Leisure Group from 2000 to 2003. He was the principal founding member of General Catalyst, an online travel investment platform; he sold this to Interactive Corp in 2001. He is Founder, Chairman and CEO of Altimeter Capital. He attended Wabash College between 1989 and 1993, where he obtained an undergraduate degree. The imposing 5,884-square-foot brick house nestled in a buclic landscape boasts five bedrooms, at least two fireplaces and a manicured lawn just a few minutes away from the Long Island Sound. Altimeter Capital chair and CEO Brad Gerstner, whose investment firm owns 2.5 million shares of Meta, said the company has lost its focus. Gerstner and Michelle are parents to two boys, Lincoln and Jack; they live in Woodside, California, where they cherish time running, biking, skiing, and surfing as a family. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Before starting Altimeter Capital, Gerstner worked as a portfolio manager at an investment capital firm PAR Capital. Lou Gerstner, in full Louis Vincent Gerstner, Jr., (born March 1, 1942, Mineola, New York, U.S.), American businessman best known for the pivotal role he played in revitalizing the ailing IBM in the mid-1990s; he served as CEO of the company from 1993 to 2002. Michelle then moved on to the familys Give Forward Foundation in 2018, taking on the role of CEO. But Gerstner said there would be "plenty of questions" about the Fed's response to inflation, given the collapse of SVB and the ensuing regional bank sell-off. Gerstner and his family set up the Give Forward family foundation in 2018. [19], In his memoir, Gerstner described the turnaround as difficult and often wrenching for an IBM culture that had become insular and balkanized. Tesla (NASDAQ:TSLA) ticked up 0.3% at least partly amid a pitch from tech industry veteran Brad Gerstner. Customers wanted solutions, he said. A Division of NBCUniversal. [9] Gerstner was the first IBM CEO who was hired from outside the company. While there, he also studied politics, philosophy, and economics overseas at the University of Oxford from 1991 to 1992. Michelle, herself has forged her own successful career. She worked as a financial analyst during her early career. [3][4][6], From 1993 to 1996, Gerstner attended Indiana University Maurer School of Law and obtained a Juris Doctor degree. Strategy work by itself, though "terribly important," is not enough to save a dying company. Gerstner: the interview - Oct. 31, 1997 - CNN Business Microsoft grew beyond just PC software in the 1990s, hardware companies Apple and Dell expanded their market share, and entirely new entities such as the Google search engine emerged and created new computer-based business empires. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'biographyhost_com-medrectangle-4','ezslot_6',115,'0','0'])};__ez_fad_position('div-gpt-ad-biographyhost_com-medrectangle-4-0'); After receiving an MBA degree, Gerstnerstartedserving as co-CEO of a travel company National Leisure Group (NLG), in 2000. Gerstner led a Series C investment into Snowflake, which went public in 2020 and was dubbed the largest software IPO at the time. Gerstner became president of the company in 1985, and during his four years in the position he increased corporate net income by 66 percent. He was also a commencement speaker at Wabash College. IBM then turned to Gerstner, an outsider with a record that suggested success[7][8] whose older brother Richard had run the company's PC division until retiring due to health issues four years earlier. Harvard Business School Working Knowledge. Boyers also served as an assistant superintendent for human resources and deputy director of human resources for the Boston Public School. [16] Under Gerstner, e-business transformed IBM and within six years, they became the market leader in providing the products and services needed to transform any of their customers businesses into a network-centric e-business. As the fallout from Silicon Valley Bank's failure continues to unfold, the Federal Reserve needs to slow down before "a lot more stuff" breaks, Altimeter Capital's Brad Gerstner told CNBC's Halftime Report Monday. Brad was raised in Goshen in the heart of Elkhart County, Indiana, with his siblingsDouglas, William, and Lynne Vandy. "This wasn't a problem of the startup ecosystem," the investor continued. In 2008, Gerstner founded Altimeter Capital. Last meal: Gerstner choked to death while eating a 16oz aged steak topped with mushrooms and red onions, Dinnertime drama: Gerstner was eating at the counter at Lenox Hill Grill and watching TV when he fell back in his chair. Brad Gerstner Wiki: Wife, Family, Net Worth and Other Facts The 41-year-old philanthropist is also listed as the owner of a massive $12.7million colonial mansion in Greenwich, Connecticut. We assure our audience that we will remove any contents that are not accurate or according to formal reports and queries if they are justified. Altimeter is hoping to have similar success by bringing Roblox to the NYSE in 2021. [14], While IBM had been credited with turning the personal computer (PC) into a mainstream product, the company could no longer monopolize its market. I always viewed culture as one of those things you talked about, like marketing and advertising. It manages over $15 billion of investments in public equity funds and venture capital funds. [21] Despite his success[13] Gerstner also presided over the company's decline, relative to newer rivals, as it lost its once-dominant position in the IT industry. Services could be sold as an add-on to companies that had already bought IBM computers, while barely profitable pieces of hardware were used to open the door to more profitable deals. Louis Gerstner III passed away last Wednesday while dining alone at Lenox Hill Grill Diner on the Upper East Side. Let us know if you have suggestions to improve this article (requires login). They didn't want to know what their equipment ran on. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[580,400],'biographyhost_com-medrectangle-3','ezslot_3',114,'0','0'])};__ez_fad_position('div-gpt-ad-biographyhost_com-medrectangle-3-0'); Bradley Thomas Gerstner, alias Brad Gerstnerwasborn on 4 May 1971 in Indiana, the United States. He was a recipient of the Lilly Endowment Community Scholarship Program for his higher education. As per its official website, the company's missionisto "help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all states of growth." A Meta investor just wrote a critical open letter to the companywith a [5], He attended Wabash College from 1989 to 1993 and graduated summa cum laude with a bachelor's degree in Economics and Political Science. I didn't have to [look] outside; I had to find the people already there" who were ready to turn things around, he said. But if a company is, say, a once-mighty behemoth like IBM was in 1993, a former pacesetter in its field with a sterling reputation that was slowly fading into history, then change can be excruciating: Evenor perhaps especiallywhen everyone at the company knows the organization has to change or die.

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