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CEO decision-making is profoundly impacted by perceptions about organizational identity. In this paper we report on the results of a study of communication patterns in letters to shareholders of a sample of firms that achieved successful turnaround. The results indicate that replacement of the CEO is a common but not essential element of successful turnaround. Results show distinctly different patterns of attribution and communication in turnaround firms that replace the CEO versus those that do not. From these results we identify patterns of communication that seem related to successful turnaround. Implications for over-identification with a firm and management reasoning are discussed.
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Clapham et al. (2005) studied this question.
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