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This case describes the difficult times Charles Schwab the company faced after the dot-com bust of the early 2000s. It also describes how Charles Schwab the man returned in July 2004 to take on the CEO position, and the strategic actions he took to fix the problems and refocus the company he founded over 30 years ago. The case shows how he was able to draw on the considerable remaining strengths of the company, not in the least its long-established culture that emphasized doing the right thing for customers. Two years following Schwab's return to the CEO job, the company turned in strong results. With the crisis of the past few years weathered, the case focuses on the challenges the company faces going forward as it pursues its strategy of offering good, consistent, un-conflicted investment advice to increasing numbers of smaller investors.

This is an MIT Sloan Management Review article. Just a few decades ago, organizations could stay the course with one strategy for a period of years. The idea that a new vision would be needed, perhaps with some frequency, would have been treated with mild amusement, if not outright derision. But competitive realities have forced executives to rethink what their companies are doing, and how they are doing it, over time. Automakers see profitability and market share evaporating. Media companies face the hostile world of disruptive technology. Financial institutions discover that a one-country focus is a path to extinction. In such conditions, bold visions are called for -- and will be called for again, probably sooner than any executive would like. The problem is the gap between inspiration and implementation. CEOs often get off to a rousing start, energizing top managers by presenting a bold new vision at a lavish off-site meeting. The excitement, however, often dies down within a few months, and the vision blurs into an indistinct image. Eventually, it fades from sight completely, and the organization returns to its previous ways. To find out why this gap between inspiration and implementation is so common, the authors conducted research on about 40 global companies. In this article, they explain several common reasons for the derailment of bold visions such as failure to focus, failure to engage the workforce and neglecting the skills and talents of the organization. They go on to offer a five-stage framework that executives can use to ensure that their visions become more than just pipe dreams. Examples of companies that have successfully followed this path -- including Deutsche Bank, the BBC, Nissan, Mattel and Starbucks -- are drawn on both to illustrate the challenges and to provide guidance to those who want to turn bold visions into reality.

This is an MIT Sloan Management Review article.

This is an MIT Sloan Management Review article.

Alan Wilson has a decision to make. The CEO of his company, Grepter, wants him to relocate to Zurich, where he can gain valuable experience for a rise to the top. Karl, his best friend, hopes to lure him to a hedge fund that promises big money fast. Shiori, an enticing former girlfriend, wants him to join her in delivering medical care to patients in developing countries. Alan knows for sure only that he wants to make an impact. Four experts comment on this fictional case study in R0801A and R0801Z. Laura Scher, the CEO of Credo Mobile, advises Alan to consider what each option will deliver in terms of money, power, quality of life, and - most important - personal values. As long as he brings his values into the workplace, any of the three could be the right choice. Daniel Vasella, the CEO of Novartis, cautions Alan to examine what truly drives him, personally and professionally. All things considered - not least the potential hazards of working with a friend - his future looks most promising at Grepter. Barbara H. Franklin, the CEO of an international trade consulting and investment firm, thinks Alan would do well to join Shiori's enterprise. The experience with social policy might draw him to public service, where his impact on society could be significant. Christina C. Jones, the CEO of Extend Fertility, has also faced a variety of choices combined with an urge to do meaningful work. She believes that Alan should cultivate his skills at Grepter while developing a firmer notion of what he wants to be and do.

Professional service firms (PSFs), like so many other companies, are juggling the modern challenges of global competition, increased regulation, and rapid employee turnover. In a people-oriented industry, attrition has special import. DeLong and Gabarro, of Harvard Business School, along with former Morgan Stanley and Ernst & Young executive Lees, argue that a PSF can gain a much-needed competitive edge by renewing its focus on mentoring. The authors' in-depth interviews with professionals from more than 30 PSFs have yielded four principles for firms to heed as they rediscover this lost art. First, mentoring is personal. Rather than relying on standardized programs, mentors must frequently - and fairly - provide authentic advice and nurturing. Partners at PSFs know how to use their ample people skills effectively with clients; the benefits of using them with junior colleagues are even greater. Second, not everyone is an A player. A small dose of attention given to a B player goes at least as far as a large one offered to an A player. Since B players constitute about 70% of PSF staff, that's time well spent. Third, choice assignments are in short supply, which limits the number of learning opportunities available for associates. Good alternatives include shadowing senior professionals on assignments and taking on research or other projects that are not client-related but that nonetheless build expertise. Finally, mentoring is a two-way street. Proteges should not only learn from their senior counterparts, but also be taught to attract mentors - and to co-mentor one another.

Unless we challenge long-held assumptions about how business leaders are supposed to act and where they're supposed to come from, many people who could become effective global leaders will remain invisible, warns Harvard Business School professor Hill. Instead of assuming that leaders must exhibit take-charge behavior, broaden the definition of leadership to include creating a context in which other people are willing and able to guide the organization. And instead of looking for the next generation of global leaders in huge Western corporations and elite business schools, expand the search to developing countries. In this conversation with HBR senior editor Paul Hemp, Hill describes the changing nature of leadership and what we can learn from parts of the world where people have not, until recently, had opportunities to become globally savvy executives. In South Africa, for instance, the African National Congress has provided rigorous leadership preparation for many black executives. Hill has also observed two approaches - in developed and developing economies alike - that she believes will be necessary in an increasingly complex business environment. The first, leading from behind, involves letting people hand off the reins to one another, depending on their strengths, as situations change. The second, leadership as collective genius, calls for both unleashing and harnessing individuals' collective talents, particularly to spur innovation. Through her descriptions of these approaches in such companies as Sekunjalo Investments, HCL Technologies, and IBM, Hill highlights the challenges of finding and preparing people who can lead by stepping back and letting others come forward to make their own judgments and take risks.

Alan Wilson has a decision to make. The CEO of his company, Grepter, wants him to relocate to Zurich, where he can gain valuable experience for a rise to the top. Karl, his best friend, hopes to lure him to a hedge fund that promises big money fast. Shiori, an enticing former girlfriend, wants him to join her in delivering medical care to patients in developing countries. Alan knows for sure only that he wants to make an impact. Four experts comment on this fictional case study in R0801A and R0801Z. Laura Scher, the CEO of Credo Mobile, advises Alan to consider what each option will deliver in terms of money, power, quality of life, and - most important - personal values. As long as he brings his values into the workplace, any of the three could be the right choice. Daniel Vasella, the CEO of Novartis, cautions Alan to examine what truly drives him, personally and professionally. All things considered - not least the potential hazards of working with a friend - his future looks most promising at Grepter. Barbara H. Franklin, the CEO of an international trade consulting and investment firm, thinks Alan would do well to join Shiori's enterprise. The experience with social policy might draw him to public service, where his impact on society could be significant. Christina C. Jones, the CEO of Extend Fertility, has also faced a variety of choices combined with an urge to do meaningful work. She believes that Alan should cultivate his skills at Grepter while developing a firmer notion of what he wants to be and do.

Alan Wilson has a decision to make. The CEO of his company, Grepter, wants him to relocate to Zurich, where he can gain valuable experience for a rise to the top. Karl, his best friend, hopes to lure him to a hedge fund that promises big money fast. Shiori, an enticing former girlfriend, wants him to join her in delivering medical care to patients in developing countries. Alan knows for sure only that he wants to make an impact. Four experts comment on this fictional case study in R0801A and R0801Z. Laura Scher, the CEO of Credo Mobile, advises Alan to consider what each option will deliver in terms of money, power, quality of life, and - most important - personal values. As long as he brings his values into the workplace, any of the three could be the right choice. Daniel Vasella, the CEO of Novartis, cautions Alan to examine what truly drives him, personally and professionally. All things considered - not least the potential hazards of working with a friend - his future looks most promising at Grepter. Barbara H. Franklin, the CEO of an international trade consulting and investment firm, thinks Alan would do well to join Shiori's enterprise. The experience with social policy might draw him to public service, where his impact on society could be significant. Christina C. Jones, the CEO of Extend Fertility, has also faced a variety of choices combined with an urge to do meaningful work. She believes that Alan should cultivate his skills at Grepter while developing a firmer notion of what he wants to be and do.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Six-person facilitated negotiation among representatives of the city, state, developer, insurer, and victims' families regarding the redevelopment of the World Trade Center site following the Sept. 11, 2001 terrorist attacks.

Should a leader be loved or feared? That age-old question still has no simple answer. It depends on who the leader is and whom she's leading. Successful executives adapt their styles when they need to; they also know their limits.

When executives meet together to grapple with moral and ethical questions in literature, they end up applying their insights in practice. This Harvard Business School professor endorses book clubs as part of leadership development.

Describes the way in which "Big Four" auditor KPMG dealt with an indictment stemming from the firm's sale of tax shelters. In 2005 Tim Flynn has been KPMG Chairman for a matter of days when he learns that the government is preparing to indict the firm on charges of selling illegal tax shelters. Flynn has to decide whether to fight the charges and risk the dissolution of his firm, or cooperate with investigators, effectively keeping the firm safe but sacrificing the tax partners involved in the shelter sales. Further, the case describes the government's prosecution of former KPMG tax partners and asks students to determine whether prosecutorial tactics during the government's investigation were warranted or represented a case of overreaching.

Jim Rogers, CEO of the energy company Cinergy, has led the company from the brink of bankruptcy to one of the premier energy companies through selecting a focused strategy, aligning the organization to support it, and mobilizing all the employees to implementation. The case also discusses the strategies used by Rogers to communicate the strategy, which included innovative image maps.