India Inc's 10 Most Successful Turnaround Tales
Bangalore: ‘Success’ has got various definitions but one single formula that each and every chief executive or entrepreneur truly believes in is to be strong in the tough situations.
Whirlpool President (Asia Pacific) Arvind Uppal took charge of the company when a total crisis situation was going on. Arvind didn’t lose hope and today Whirlpool is one of the leading home appliance manufacturers in the country.
Read on to know the India Inc’s most successful turnaround stories shared by the big names of the industry, listed by Business Today.
1. Anu Aga
Director and Former Chairperson, Thermax
The biggest challenge for Anu Aga, director and former chairperson of Theramax was to change the preset attitude towards the company’s “satisfactory underperformance".
The kick off for Anu was an anonymous letter from one of the shareholders who blamed the company for its inactiveness about the situation.
Anu completely restructured the strategy of the company and divested the company into six core businesses in energy and environment sectors.
“By downsizing and improving our operational efficiency, we were able to bring down our employee cost from 16 per cent of turnover to less than 7.5 per cent, on a larger sales base. We also brought in a performance culture”, said Anu.