Case Study Paper Time for an End Run
Time for an End Run?
November 29, 2014
Scotia Assurance, a 150-year old UK insurance company, is ending a bad year as the company is being investigated for a securities fraud scandal. The CEO and his chosen successor, the CFO, have been forced to resign. Arlyn James, the head of human resources, would like to take the opportunity to improve the current situation and recommends some changes to the company. Arlyn shares her suggestions with the chairman of the board but he does not share the same vision and would like to go with a more traditional approach. Arlyn has identified a candidate that has the potential to achieve her vision but unfortunately the board chair is not supportive. Arlyn is frustrated and considers talking to other board members. By talking to other board members, Arlyn is risking her own career and the trust of the board. The company is facing much scrutiny given the current investigation. It is important that these changes are carefully assessed and a shared vision for the future is embraced by all stakeholders. Otherwise nobody wins, least of all Scotia Assurance.
As a member of the Board of Directors at Scotia Assurance I am concerned that current crisis of the company needs to be addressed. It seems that the board chair may be depriving the organization of strategic thinking at a time when the organization needs it most (Wootton & Horne, 2010). While it is important to search for a new CEO, I recognize that this takes time, particularly if we want to select a right fit. As a board, we need to make sure that we have a current plan for the current crisis in the company before it further impacts board members, employees, investors, and customers. Once we have met the current need, we need to consider the strategic plan to overcome the crisis of today and prepare for a new future.
The board needs to be able assess the current situation with the company to determine the plan of action. They must diagnosis
November 29, 2014
Scotia Assurance, a 150-year old UK insurance company, is ending a bad year as the company is being investigated for a securities fraud scandal. The CEO and his chosen successor, the CFO, have been forced to resign. Arlyn James, the head of human resources, would like to take the opportunity to improve the current situation and recommends some changes to the company. Arlyn shares her suggestions with the chairman of the board but he does not share the same vision and would like to go with a more traditional approach. Arlyn has identified a candidate that has the potential to achieve her vision but unfortunately the board chair is not supportive. Arlyn is frustrated and considers talking to other board members. By talking to other board members, Arlyn is risking her own career and the trust of the board. The company is facing much scrutiny given the current investigation. It is important that these changes are carefully assessed and a shared vision for the future is embraced by all stakeholders. Otherwise nobody wins, least of all Scotia Assurance.
As a member of the Board of Directors at Scotia Assurance I am concerned that current crisis of the company needs to be addressed. It seems that the board chair may be depriving the organization of strategic thinking at a time when the organization needs it most (Wootton & Horne, 2010). While it is important to search for a new CEO, I recognize that this takes time, particularly if we want to select a right fit. As a board, we need to make sure that we have a current plan for the current crisis in the company before it further impacts board members, employees, investors, and customers. Once we have met the current need, we need to consider the strategic plan to overcome the crisis of today and prepare for a new future.
The board needs to be able assess the current situation with the company to determine the plan of action. They must diagnosis
References: Fryer, B., Robinson, V., Hermon-Taylor, R., & Raheja, C. G. (2009). Time for an End Run? Harvard Business Review. 87 (11), pages 33-42. Greeny, J., Patterson, K., Maxfield, D., McMillan, R., and Switzler, A. (2013). Influencer, the new science of leading change. VitalSmarts, LLC. Mc Graw Hill Education. Pages 295-299. Kotter, J. and Schlesinger, L. (2008). Choosing strategies for change. Harvard Business Review. 86(7/8), pages 130-139. Sorenson, S. (2013). How employee engagement drives growth. Gallup Business Journal. Retrieved from: http://www.gallup.com/businessjournal/163130/employee-engagement-drives-growth.aspx Wootton, S. and Horne, T. (2010). Strategic thinking: A nine step approach to strategy and leadership for managers and marketers. 3rd Edition. Page 29.