J.C. Penney and Procter & Gamble are turning to tried-and-tested former chief executives to lead them out of crisis. That strategy can work, notes business historian Nancy Koehn, because ex-CEOs typically know the company culture, what works and what needs changing. "When the company needs someone who can fix very specific things quickly and effectively, it can work," she says.
Should companies recycle their old CEOs?
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