Throwback Theory
by June 23, 2014 12:01 am 132 views
Our story in this issue on Cranford Johnson Robinson Woods describes the firm’s choice to bring in key players from the company’s peak in order to revamp itself. But CJRW is not the first to try this approach.
President Darin Gray says the firm is taking a cue from two new clients who have applied the same method.
CJRW will not name its new clients because of signed confidentiality agreements, but the team members seem to be working non-stop and were each only available for a quick phone interview while waiting for a flight to New York City.
And Gray pointed to several major companies that have successfully brought in former employees, including Apple’s rehiring of Steve Jobs in 1997.
JCPenney brought back former CEO Myron Ullman in April 2013 after a failed attempt by Ullman’s successor to make the store appeal to a younger, hipper consumer.
The next month, Procter & Gamble brought longtime powerhouse CEO A.G. Lafley out of retirement to run the company, and its shares rose 4 percent the day the news broke.
Whether the throwback strategy will have the desired effect at CJRW is yet to be seen.