Saturday, July 11, 2020

Trending: Jul 04 - Jul 11 : The Top 20 Business Transformations of the Last Decade

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TradeBriefs Editorial

From the Editor's Desk

The Top 20 Business Transformations of the Last Decade

In 2012, Denmark's biggest energy company, Danish Oil and Natural Gas, slid into financial crisis as the price of natural gas was plunging by 90% and S&P downgraded its credit rating to negative. The board hired a former executive at LEGO, Henrik Poulsen, as the new CEO. Whereas some leaders might have gone into crisis-management mode, laying off workers until prices recovered, Poulsen recognized the moment as an opportunity for fundamental change.

"We saw the need to build an entirely new company," says Poulsen. He renamed the firm Orsted after the legendary Danish scientist Hans Christian Orsted, who discovered the principles of electromagnetism. "It had to be a radical transformation; we needed to build a new core business and find new areas of sustainable growth. We looked at the shift to combat climate change, and we became one of the few companies to wholeheartedly make this profound decision, to be one of the first to go from black to green energy."

That strategic impulse - to identify a higher-purpose mission that galvanizes the organization - is a common thread among the Transformation 20, a new study by Innosight of the world's most transformative companies.

Continued here


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