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Out of the Ashes: Tools for Recovering Corporate Health
John Wiley and Sons Ltd, March 2008, Pages: 224
Take a management journey to the heart of the restructuring of SN Brussels Airlines, sharing the dos and don’ts of Jean-Frédéric Mognetti’s three years of hands-on experience as restructuring catalyst to the company. In 2002 SN rose out of the ashes of Belgian airline SABENA, witnessing a remarkable turnaround and returning to continuing profits as early as the second year of operations, even going on to acquire Virgin Express in 2005. This was achieved with a modest equity investment of €150 million, 12 times less than the cash that Swiss International Airlines, SN’s former sister company, burned through in the same conditions.
As well as describing the actions of both the architects and the doers of this startling achievement, Mognetti broadens the management scope of each step of his corporate transformation proposal with the help of a panel of seven CEOs and chairmen. Together, as if in a virtual board meeting, they outline which management lessons to bear in mind to remain on a healthy growth track and avoid a turnaround being no more than a remission.
The virtual board members are :
Richard Lapthorne – Chairman of Cable and Wireless plc Sébastien Bazin – CEO Colony Capital Europe
José Zurstrassen – Founder & CEO Skynet and Keytrade Bank
Pierre Henry – CEO Sodexho Pass International
Arthur Lok Jack – Chairman Guardian Insurance Holdings Ltd and Neal & Massy Holdings Ltd
Magnus Welander – CEO Envirotainer
Bernard Charles – CEO Dassault Systèmes
About the Author
Former MBA Director at the Paris EAP-ESCP Business School and Professor at HEC, Jean-Frédéric Mognetti is a well-respected academic and consultant who has helped organisations across the world to achieve sustainable turnarounds and to grow organically. Mognetti is in high demand for his hands-on strategic expertise and his no-nonsense advice. An active consultant to CEOs and boards, he has blue-chip clients such as Sodexho, DHL, Xerox and Orange as well as fast growing companies. He is the author of the book Organic Growth, published by Wiley in 2002.
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