We all know the story of the frog in the pot of water; you put the pot on the stove, turn the burner on, and the frog just comfortably swims around. Since the temperature rises gradually, the frog doesn’t notice and it peacefully passes away. No jumping out of the pot.
I think the board and management of New York Times, Inc.(NYT) have been behaving just like the frog! In 2002, the stock price was $50/share, and since then, it has been in the straight-line decline to its current price of $6/share. While comfortable, no doubt they must be getting close to joining our frog in the afterlife! Seriously, wouldn’t you think at some juncture on the way from $50 to $6 somebody would press the panic button and do a major overhaul that would put the company on a success path?
So how does an organization on a steep decline find a great new direction that has a good chance of turning things around? Here are the steps that have been used successfully by some gutsy leaders:
Currently NYT is busy trying to recruit a talented, web-experienced leader to find a plan for the future. The effort is probably a decade too late.
by Jim Taggart
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