The Last Best Hope

“There are no elixirs for corporate turnarounds, says Edward S. Lampert, chairman of Sears Holdings Corp., who acknowledged in an interview yesterday that he should have moved faster to revamp the troubled retailer.

“The 45-year-old hedge-fund billionaire made clear his disappointment at misreading the economy last year and says Sears will address the company's latest financial swoon...

“He concedes the five-year turnaround he envisioned at Sears three years ago will take longer than that to achieve. But he says he's never been interested in swapping long-term profit for short-term gains. He believes his new plan can reinvigorate the 121-year-old retailer in a way not otherwise possible.

“The past two years have taught him it wasn't enough to put good managers in a structure that didn't work. ‘I used to think getting all those people in a room was enough. We got collaboration, but at the end of the day, there was no one who owned the decision. That's what we're trying to drive here,’ he says...

“Mr. Lampert described the company's next CEO as a ‘mission-driven’ leader who feels comfortable balancing multiple interests. ‘I want someone who will be able to deal well with complexity, who will be able to make decisions under conditions of uncertainty, and is someone people will want to step up and work for’."

(“Lampert Admits Flubs, Sees Sears Turnaround; Chairman Says Repairing The Retailer Will Take Longer Than Expected.” Gary McWilliams and Gregory Zuckerman. Wall Street Journal: January 30, 2008. pg. B.1)

MAGIC ELIXIRS, panaceas, silver bullets sure would be nice when there appears to be little hope.

Instead, let's try accountability, balance in coping with the uncertainty of complexity, and a good dose of genuine leadership.

Well, we'll see...