A Comprehensive Review of a Successful Transformation: LORD Corporation
By mid-2016 LORD Corporation—a privately held diversified manufacturing company was on track for its second consecutive year of declining sales. The CEO and members of the executive team required a transformation. A new initiative was begun in September 2016 that would later become known as “LORD Summits" which aimed to achieve sustained profitable growth. LORD Summits encompassed a transformation process involving over 50 executives directors and senior managers, including the CEO.
The results of the LORD Corporation transformation were stunning. LORD went from roughly $850 million in sales in 2016 to well over a billion by 2018, over a two-year period a 20% increase in sales and a 70% increase in profitability. By the end of 2018, LORD was in the best financial position in its history, with a portfolio that supported a continuation of significant growth through 2023.
Click here to view the full PDF written by Steven Rayner, Chief Transformation Officer at Ascension Transformation Solutions.
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Listen to Steven R. Rayner, NCW's change and corporate storytelling consultant, on the transformation of A&D supplier LORD Corporation in 2017