ABSTRACT
A new vision can absorb a vast amount of energy in the short term, and payout is
longer term. For a company struggling with immediate problems, like incompetent
managers or unnecessary costs, a new vision is probably the last thing needed. That’s
why on taking over the leadership of IBM in 1993, after record-breaking losses of $8
billion, new chairman Lou Gerstner said:
‘‘There’s been a lot of speculation on when I will deliver a vision. The last thing IBM needs right
now is a vision.’’1
