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As CEO of leading executive search firm Heidrick & Struggles for the past 18 months, Kevin Kelly was pleased with his accomplishments so far but concerned about threats he perceived to Heidrick's position at the highest levels of the executive search business. In response, Kelly had begun making strategic investments in firms offering technology-based solutions, but had not yet made significant progress convincing Heidrick's search consultants about the significance of the threats, or the risks and opportunities being created by information technology and the Internet. The increased emphasis Kelly placed on building leadership consulting services was itself a big change. The case asks what levers Kelly can use, from culture to compensation, to make the challenges to Heidrick's traditional business model understood, and how to implement the strategic initiatives he has launched.

How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a merger. Finansbank AŞ is a bank headquartered in Turkey with additional operations in Holland, Switzerland, Russia, Romania, and Ukraine. It was founded by Hüsnü Özyeğin in 1987, and in April 2006, the National Bank of Greece (NBG) offered to buy part of the bank. Students can consider which factors contributed to Finansbank's growth and success. In order to then assess the terms of NBG's offer, they can evaluate given valuations of the bank and analyze why the proposed deal is structured so that Özyeğin retains a stake and buys back the non-Turkish operations. Students can also consider the offer from the perspective of minority shareholders.

In January 2008, in the midst of the subprime-mortgage crisis, Warren Buffett is looking for good investment opportunities for his almost $50 billion in cash. As usual, he has been patient and careful in identifying the right opportunities; however, the amount of cash in his company has grown considerably, and with so much cash sitting idle, returns could suffer. This case can be used to pursue several objectives: (1) to showcase Warren Buffett's leadership in the financial markets; (2) to understand his principles and the principles of value investing more broadly; (3) to understand Warren Buffett as both a thinker and a leader in the world of investing and as an agent of stability in a world of capital markets characterized by continuous change; (4) to discuss Buffett's investment decisions (Swiss Re, Burlington Northern, the funding of his own new bond-insurance business, BHAC) and the timing of those decisions in the midst of the subprime crisis and in an environment of increasing energy demand; (5) to discuss his decision not to invest in banks in the current environment as well as his largest investment, the philanthropic Gates Foundation; and (6) to understand some of the new market forces, such as sovereign funds, as providers of capital.

In January 2008, Citi and Merrill Lynch are trying to steer their ships back to calm waters. The new CEOs, Vikram Pandit (Citi) and John Thain (Merrill), have been at the helm of their companies for less than three months. This case focuses on their steps to counteract the massive losses resulting from their firms' investments in subprime-mortgage structures. What actions have these leaders taken thus far and what actions should they consider going forward? See also "Warren E. Buffett, 2008" (UVA-F-1550).

This case describes the proposed acquisition of Tribune Company by Sam Zell in 2007. Tribune Company is one of the largest newspapers and broadcasting companies in the United States. Zell's proposed acquisition is unusual in several respects. It is two-tiered, employs an ESOP as the acquisition vehicle, involves a high degree of leverage as well as significant asset sales, and Zell himself will own almost no common stock in the post-deal Tribune. The case is set in late October 2007, at which point the first stage of the acquisition has been completed, but the second stage has not. Recent deterioration in both Tribune's operating results and credit market conditions make it unclear whether the transaction can be closed as scheduled in 2007, or indeed at all.

Founded in 1934, Muzak pioneered the industry of background music. Equipped with propriety technology and a vast music library, over the ensuing decades the Muzak franchise organization expanded geographically. Despite a history of innovation, by the late 1990s Muzak had anemic financials and low employee morale. When new CEO Bill Boyd took the helm in 1997, he assembled a new management team. The new VP of Marketing, Kenny Kahn, worked with design firm Pentagram to re-brand the company, not just for customers but to spark organizational change. But because Muzak was a franchise organization, Kahn had to convince independent affiliates to pay for what turned out to be an extensive re-branding. This case can be used to teach how branding can be used as a tool for spearheading culture change; not to exercise influence without authority and how businesspeople can effectively work with a design firm.

ScriptLogic is a software company that has built a product portfolio that fits under a 'Point, Click, Done!' umbrella; its products are easy to download, easy to install, and easy to use. The company's online marketing program and inside sales force have been very successful in finding and bringing in new customers, in part because of a laser-like focus on increasing its marketing ROI. As ScriptLogic looks towards its next phase of growth, however, it is becoming clear that some changes need to be made in order to take full advantage of its growing product portfolio. Students debate the merits of going after new customers by building an enterprise sales force or mining the existing customer base with an inside sales force that already has a lot on its plate.

On March 21, 2008, the U.S. government secured an agreement from two leading sovereign wealth funds (SWFs) to adopt a new set of investment principles to govern the Funds' activities. SWFs, broadly defined as an investment fund owned by a national or a government, were gaining prominence across the globe, especially with their recent investments in troubled U.S. financial firms that had suffered significant losses from the subprime mortgage crisis. Yet SWFs were viewed with suspicions amid concerns that they could have potential political interests behind their investments. Many SWFs also lacked disclosure or transparency regarding their activities or investment goals. Countries such as the United States felt that some kind of international regulation had to be imposed, but would it be possible?

Carrefour, the second largest retailer in the world, had just announced that it would open its first "Green Store" in Beijing before the 2008 Olympic Games. David Monaco, asset and construction director of Carrefour China, had little experience with green building, and was struggling with how to translate that announcement into specifications for store design and operations. Monaco has to evaluate the situation carefully both from ecological and economic perspectives. In addition, he must take the regulatory and infrastructure situation in China into account, where no official green building standard exists and only few suppliers of energy saving equipment operate. He had already collected energy and cost data from several suppliers, and wondered how this could be used to decide among environmental technology options. Given that at least 150 additional company stores were scheduled for opening or renovation during the next three years in China, the project would have long term implications for Carrefour.

The director of information technology (IT) at Ritcher, a major Hungarian pharmaceutical company with operations throughout Eastern Europe, is in the midst of planning for the IT department for the coming years. The three main considerations for the coming year are: Is the current IT structure appropriate to meet the growing demands of the overall organization? To what extent should IT affiliates be centrally controlled? How can IT best serve the rest of the company?

Vikram Akula, CEO of SKS Microfinance, seeks a venture capital investment to fund his firm. SKS, one of the largest and fastest growing microfinance institutions in India, is a profitable, for profit institution with a social mission. In what is one of the first commercial financing deals in the world, Akula must decide at what value to sell equity in SKS, and to whom to sell it. The case focuses on valuation, which is difficult because at the time there are no publicly traded comparable companies, and the strategic aspects of raising money.

Set in 1999, this case allows students to put themselves in the positions of both Airbus and Boeing as Boeing considered how to respond to Airbus's decision to announce its plans to proceed or not with the $10 billion development of the world's first commercial superjumbo jet, the Airbus A3XX. Boeing was considering a development effort to "stretch" its 747 jumbo jet into a larger superjumbo version, the 747-X. At the time, the two companies' widely available 20-year forecasts for jumbo- and superjumbo-jet demand were particularly divergent. In light of this very public "agreement to disagree," Boeing could pursue several alternatives, all of which were related to Airbus's decision about whether or not to develop the A3XX. This case presents an opportunity for students to make a real downstream decision. It was prepared as a final exam for an introductory decision analysis course involving subjective probability assessment, decision tree modeling, simulation, real options, and game theory. In the analysis of this case, a student is expected to utilize ideas from all five of these areas.

This case explores the expansion of a product - garlic and herb cubes. This case can be used to explore the merits of alternative channels of distribution or it may be used more broadly to explore the development of a more effective marketing program. Students are asked to 1) assess how the competition affects Toppits' marketing plan; 2) select a customer group to target and determine how this group affects the marketing plan; 3) determine and evaluate distribution options; 4) develop a promotional strategy and budget and 5) make a decision.

The chief of paediatric orthopaedic surgery was very concerned by the long times that the young patients (and their parents) were experiencing in the orthopaedic clinic. Long wait times tended to aggravate the already pent-up distress and concern that the patients were facing. The chief glanced at recently collected data on service times and wondered how the process could be improved, while continuing balancing budgetary pressures to reduce costs. Moreover, any changes couldn't be done in isolation, as her clinic shared resources with other departments. A monthly executive meeting was fast approaching and expectations were starting to run high that her efforts might be able to spur improvements in other departments too.

This case is about how Coopers Brewery, a very small family-owned fourth generation family business, fought off a determined takeover bid by an international brewer. Although the takeover bid formally began in 2005, it had its origins in 1983, so the case illustrates how and why organizations get involved with each other and how that can play out in unexpected ways later on. Although the case detail is about the takeover bid, it is designed primarily for use as a business strategy analysis case for use in the early part of a strategic management course. It also contains sufficient competitor analysis to conduct a rudimentary industry analysis. It could separately be used for mergers and acquisitions analysis but this is seen as the background material.

"Gila" was a high-performance image processor project housed in Intel's New Business Initiatives (NBI) group. NBI was an incubator for such corporate entrepreneurs, and it had an established methodology for ensuring a degree of autonomy while these ventures got started. But it faced many questions as the ventures grew and started to win their first customers. How should NBI handle the transition of the venture back to a mainstream division within Intel?

In October 2007, the British band Radiohead caused a stir when it announced it would allow customers to decide how much to pay for its new album, released exclusively as a digital download and available only from the band's own website. The pricing plan represented a significant break from the industry standard of fixed prices for music, typically 99 cents for individual songs and upward of $9.99 for complete albums. How viable is such a "name-your-own-pricing" plan? And what does Radiohead's move say about the future of the music industry?

The case describes the dilemma of a marketing manager, Thomas Green, who, after being rapidly promoted, is harshly criticized by his boss, Frank Davis. Green and Davis disagree on work styles and market projections. Green believes the sales goals set by Davis are based on "creative accounting" and grossly overstate the current market environment. A mood of silent conflict develops quickly between the two men, and Green is concerned that Davis is building a case to fire him. Green's situation is one in which his failure to adapt his work style and fully understand the demands and boundaries of his new position may lead to his discharge. A factor in the background is Green's relationship with his boss's boss.

At the end of 2005, Atlanta-based Oxford Industries was closing on its third major acquisition in as many years. Two-and-a-half years earlier, Oxford had acquired the Tommy Bahama brand in Seattle, and one year later, it had purchased London-based Ben Sherman. As Oxford's CIO, John Baumgartner has managed over the last three years to provide systems support to establish visibility into the day-to-day financial activities of the legacy company and the newly acquired operating companies, while at the same time minimizing any negative impacts on the profitability of the newly acquired companies through business process and system changes. As additional acquisitions are planned, however, balancing these two objectives is becoming more and more difficult. The degree to which the acquired organizations should function independently or be brought under one corporate information system is becoming an increasingly pressing issue.

The Clarinda Company is struggling and may go under. Its main customer has just pulled out, taking a quarter of the typesetting firm's revenues with it, and David, Clarinda's president, has had to lay off 20% of his workforce. What's more, he's also had to fire Dan, his longtime partner and mentor, for drunkenness. How much of this should David share with the others in his small customer base? He'd like to get their help in selling the firm - but will they all bail if they know just how leaky the ship has become? In R0805A and R0805Z four experts weigh in on this case study, based on the author's real-life entrepreneurial travails, recounted in his recent book, Typo: The Last American Typesetter or How I Made and Lost 4 Million Dollars. Tell all, says Jim Marsh, drawing from his own experience as CEO of a division of Cable & Wireless. By sharing both financial information and a turnaround plan, Marsh gained the trust and support of major customers, who gave his unit a second chance. Don't panic, says Rick Rickertsen, a principal at a private equity firm, and don't necessarily sell the business. Share only what will become common knowledge, ask no favors, and don't mention Dan. Instead, get back on your horse and try to save the company. Don't lie, says British publishing executive Richard Charkin, but don't tell the whole truth, either. Sell, by all means: Tell customers you're looking to refinance the company (selling is a form of refinancing) and invite them to take a stake. Don't tell customers everything, says professor Kimberly D. Elsbach, who has taught Silverman's book in her first-year MBA classes at the University of California, Davis. Elsbach suggests that David is misguidedly inclined to reveal all because he is confusing competency-based trust with interpersonal trust.