Procter & Gamble (P&G) is a $68 billion revenue global giant in consumer packaged goods. An interview with Alan Lafley, CEO of P&G, in The McKinsey Quarterly (July 2005) highlighted some of the key elements in P&G's dramatic performance turnaround earlier in this decade. What can owner/CEO's of companies in transition learn from Lafley's leadership at P&G?
Transforming "players" (back) into "winners" often requires cultural change - a change in how people think about themselves and their roles in the organization. Galvanizing such change into action, says Lafley, requires "executing with excellence" based on:
- disciplined strategic choices - no company can do everything; choices must be made,
- a structure that supports the strategy - organizational structures are not cast in stone,
- systems enabling people to work together - see structure,
- a winning attitude - attitude comes before performance, and
- inspirational leadership - clearly articulate your message and keep repeating it until they get it.
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