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04Precedent · how it went for them

The situation“We've been told to do more with less and I have to decide what stops.”

Leaders who made the same call — what each did, and how it went.

WorkedHalf-workedShouldn’t have been tried

Worked · Emma Walmsley, GSK/Haleon demerger, 2022

In January 2022, GSK chief executive Emma Walmsley rebuffed three successive Unilever bids — the highest valuing the consumer-healthcare business at around £50bn — for the unit that made Panadol, Sensodyne, Advil and Voltaren.

Worked · Maggie Lena Walker, St. Luke Penny Savings Bank, 1903 + 1930

On 20 August 1901, Maggie Lena Walker stood before the council of the Independent Order of Saint Luke in Richmond, Virginia, and laid out a three-part vision the council had not asked her for: a newspaper, a bank, and a department store.

Worked · Jørgen Vig Knudstorp, LEGO, 2003

LEGO was eight hundred million dollars in debt and losing ground.

Worked · Berg, 2014

Berg made connected hardware — the Little Printer was the best-known of their products — and had genuine cult following, press coverage, and design awards.

Half-worked · Jane Fraser, Citigroup, 2021 onwards

When Jane Fraser became CEO of Citigroup on 1 March 2021 — the first woman to lead a major US bank — the firm had underperformed its US peers for over a decade.

Shouldn’t have been tried · Greg Linden, Findory, early 2000s

Findory was a personalised news aggregator built by a former Amazon engineer.