Successful turnaround strategies

Purpose – The purpose of this paper is to help CEOs pick the best turnaround strategy.Design/methodology/approach – The paper reviews a key research study on firms in turnaround situations.Findings – The study finds that turnaround strategy must fit the cause of the firm's problem.Practical implications – The paper is useful in helping senior managers avoid a common problem.Originality/value – The paper focuses attention on the key to turnaround success. It highlights an academic research study with a rare nugget of insight for CEOs. This paper has not been published elsewhere.