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In 2003, the New York Stock Exchange faces heated controversy over the pay of Chairman Richard Grasso. Traces Grasso's development and his success serving stakeholders while transforming operations at the world's largest exchange. Describes how Grasso's compensation and the NYSE's governance structure come under attack. Raises questions in the mind of the deeply split board of directors about stakeholder influence, corporate governance practices, performance and compensation, and retention of a high-performing-turned-controversial chief executive.

In 2000, Xerox faces bankruptcy amid a liquidity crisis, collapsed profitability, and an expanding SEC investigation. Traces the career and leadership development of Anne Mulcahy, a former sales executive unexpectedly named COO of the beleaguered company as a last effort to turn Xerox around. Describes how Mulcahy assembles and motivates her team, frames her priorities, and fills her knowledge gaps in the face of critics doubtful of Xerox's ability to change. Raises questions in her mind about stakeholder priorities, employee motivation, difficult strategic trade-offs, and finding profitability while trying to avoid bankruptcy.

On the basis of its innovative medical device for treating sleep apnea, CEO Peter Farrell has made Australian-born ResMed a successful global company. But the company is struggling to implement a strategy to expand the device from its focused core market to a much broader market for sufferers of stroke and congestive heart failure-an approach that involves an entirely different business model to sell modified products through new channels. This challenge is exacerbated by an organization in which the key R&D and manufacturing resources are located in Australia while the major markets are in the United States and Europe. At the conclusion of the case, Farrell must decide what action to take on several fronts. Strategically, he must decide whether to continue pursuing this five-year-old market expansion initiative; organizationally, he must decide whether the locus of initiative should be moved from Australia to Germany, the most promising market for the stroke and CHF application; and managerially, he must decide how to deal with the management team that has struggled with this new initiative for so long.

Spreadsheet supplement to case 304049.

GE believes its ability to develop management talent is a core competency that represents a source of sustainable competitive advantage. This case traces the development of GE's rich system of human resource policies and practices under five CEOs in the post-war era, showing how the development of talent is embedded into the company's ongoing management responsibilities. It describes the development of a 25-year-old MBA named Jeff Immelt, who 18 years later is named as CEO of GE, arguably the biggest and most complex corporate leadership job in the world and how he frames his priorities for GE and implements them, pulling hard on the sophisticated human resource levers his predecessors left him. Immelt questions whether he should adjust or even overhaul three elements of GE's finely tuned talent machine.

In Egypt, Genzyme's humanitarian commitment to treat all sufferers of the rare Gaucher disease worldwide first confronts its commercial imperative to recoup the huge investment required to bring the drug Cerezyme to market. Here Tomye Tierney must decide how to balance the demands of the sales organization that faces saturating developed markets, but major growth opportunities in developing economies. They believe that as long as the Gaucher Initiative-Genzyme's partnership with Project Hope-is providing free Cerezyme, they will be unable to convince the Egyptian government to authorize reimbursement, which can run from $200,000 to $300,000 per patient annually. CEO Henri Termeer believes Genzyme can hold firm to both the humanitarian commitment and its strong patient-focused commercial objectives. But it is Tierney who is on the front line and negotiates the delicate agreement between Genzyme sales, Project Hope, and Egyptian authorities.