Rise Like a Phoenix: Scripting Corporate Turnarounds

When ailing companies are on the brink of collapse, the biggest question that owners have is whether a turnaround effort is worth shedding blood, sweat or tears over. Employees and the labour union believe that a turnaround is always possible; all that is required is a change in management. Shareholders will be sceptical and wonder whether further resources should be showered on an under-performing company, preferring to liquidate saleable assets.

This book explains how smart managers unlock the value of hidden or neglected assets to successfully turn such cases around. In proposing a ‘frugal turnaround’ approach, the book advocates tapping the existing resources rather than just pumping money or changing top leadership.

Pradip Chanda is a management consultant, author, columnist and noted speaker on the subject of corporate turnarounds and start-ups.

During a corporate career lasting more than 40 years, including 20 as a CEO, Pradip’s core competency has been the ability to conceptualize and champion clear business strategies while main­taining focus on achieving operational results.

Following graduation from Calcutta University, Pradip began his working career as a management trainee at Hindustan Unilever Ltd, Bombay in 1966. He spent the next 19 years holding senior management positions in marketing and new product develop­ment with Unilever and GlaxoSmithKline, based in Bombay, Delhi and London.

In 1985, Pradip shifted to the entertainment industry as presi­dent and CEO of Gramophone Co. of India Ltd, better known as HMV. HMV’s turnaround, from the verge of closure to its re-emer­gence as the #1 music company in India, is perhaps the most suc­cessful restructuring case in India of its time.

While, at HMV, Pradip made a significant contribution in steering the adoption of an internationally acceptable IP protec­tion regime for entertainment software in India, and setting up anti-piracy initiatives as the president of Indian Phonographic Industry (1986–93), an affiliate of IFPI (International Federation of Phonographic Industries).

Since 2002 Pradip has worn a number of different hats―author, business strategy consultant, professor, mentor to three start-ups in media, entertainment and technology.