The rapid turnarounds of Fiat, Hewlett-Packard and Boeing all make the case that a powerful CEO can still fix a troubled company, Mark Gimein writes. Gimein argues that there is not a single recipe to a miracle turnaround, but in most cases, success comes from giving the CEO the freedom to do what is necessary and letting the person move quickly. "Murdering a major company can take many years of painstaking ineptitude," he writes. "Successfully turning it around takes much more skill but sometimes less time."

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