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A Stellar Exiting of Non-core Businesses with Positive Results

When a nationally recognized company decided to exit its two non-core businesses, its concern was how to do so in keeping with its culture of ethical treatment for employees and all with whom they did business, while simultaneously serving the company’s interests. In addition, how could the company incent employees in the two affected businesses to stay on the job and perform well for the transition period, which was likely to last 12 full months? How could the company accomplish the restructuring without putting at risk the company’s stellar reputation and core business? Accomplishing this restructuring in an orderly, humane and ethical way became a top corporate priority.

Working with the CEO, President, and executive team, Marie Kane of Executive Evolution created a comprehensive plan of action to accomplish three key goals:

By implementing the recommended systematic approach to the restructuring, the company was able to present each affected employee with a fair, customized severance package, assure customers that it would honor its commitments and lead vendors through a smooth transition. A carefully planned and implemented communications process including a series of discussions with employees, vendors and others directly affected took place before public announcements were made. In consequence all involved parties and other key constituencies and community opinion leaders supported the company throughout the transition period. As a result, the company successfully exited two non-core businesses with its stellar reputation not only intact, but enhanced beyond its wildest expectations in this challenging situation.

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