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date: 19 March 2019

Abstract and Keywords

This article aims to explain the process of corporate turnaround, to develop a six-stage model within the turnaround process, to analyse the behaviour of senior management during decline and crisis, to analyse the strategic options for companies in crisis, and to explore the renewal of organizations through the lens of complexity theory and learning systems. There is much work elsewhere that focuses on the financial and financing aspects of corporate turnaround. This article complements these approaches by focusing on the behavioural aspects of the turnaround process. Moreover, it does not attempt to be a guidebook of ‘how to’ turnaround a company. On the contrary, it aims to give the reader a deeper understanding of the managerial and organizational processes that underpin the turnaround phenomenon.

Keywords: corporate turnaround, senior management, management behaviour, strategic options, companies in crisis, learning systems

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