In 2000, a certain top global provider of polymer materials went through a merger and launched what would turn out to be six years of turmoil.
First, there was the unexpected departure of the CEO named at the time of the merger. A manager was then promoted internally to fill the chief position.
“Over the course of his tenure, the company was impacted by a difficult economy, aggressive competition and pricing pressures and a lengthy restructuring that involved significant job losses and plant closings,” says Lisa Rose, senior managing director at Dix & Eaton, which has provided longtime communication consulting to the company.
Unable to deliver sustained profitable growth and shareholder return, the CEO resigned.