Lexmark's Strategy for the Future: Departures threatening turnaround
“You've got to convince them that they can come in and help turn it around, and people have to risk their future on that”
Several senior and mid-level managers have left Lexmark International in recent months, leading some to ask whether the struggling company can complete an ambitious turnaround plan.
Gone are vice presidents in marketing and finance, taking with them decades of experience at one of Lexington's largest employers.
Those who left and agreed to talk said their decisions were personal, but industry observers and one who left said they can see why some might be compelled to move.
Lexmark's inkjet printer division has struggled since the latter half of 2005, as customers weren't buying enough of the highly profitable ink cartridges. The company has decided to tailor its marketing and sales to countries where customers print the most. To adjust to its shrinking demand, the company has shuttered two plants and eliminated or shuffled thousands of employees worldwide. Read more
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#1 Apr 7, 2008
The moral is a real probblem with Lexmark.
Some of the mistakes Lexmark has made are being repeated again. There were a lot of money spent on the "buyback practice" , I bet they wish they have used the money to invest on the technologe and people.
#2 Apr 7, 2008
Jim, again you are right. The pack was shuffled at the top in terms of VP's moving from one division to the other, the CEO remains and despite several dismal results and departing quality senior execs the only answer from the board is 'cost cutting and restructure the already demoralised workforce'!
Lexmarks competitors continue to be on the acquisition trail and diversify into new areas....Lexmark continue to move to lower cost countries, push the overburdened staff too far and hope, hope for improved results....let's all hope for the best like the execs seem to as the strategy is not very apparent!
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