The Greatest Business Turnarounds of the Last 30 Years: Stories of Leadership, Grit, and Vision

Business turnarounds are never just about numbers. They are about people—leaders with a vision, the determination to make tough decisions, and the charisma to rally teams behind them. The past three decades have witnessed some of the most remarkable corporate resurgences, each driven by individuals who refused to accept failure. These stories offer more than just business lessons; they reveal the essence of what it takes to lead in crisis and emerge victorious.

Steve Jobs and the Apple Resurrection (1997 - 2011)

Apple’s return from the brink of bankruptcy is arguably the most famous corporate turnaround in history. But beyond the business strategies, it was a story of redemption and visionary leadership.

In 1997, Apple was losing money, its product lineup was scattered, and its relevance was fading. The company, once an industry pioneer, was being crushed by Microsoft’s dominance. Enter Steve Jobs. He had been ousted from Apple in 1985, only to spend years refining his vision for design, innovation, and user experience at NeXT and Pixar. When he returned as CEO, he brought not just strategy but an uncompromising passion for simplicity and excellence.

Jobs immediately took radical steps. He streamlined Apple’s product line, cutting projects that lacked focus. While many remember the $150 million investment from Bill Gates, its significance was largely symbolic rather than financial. [Source: iWoz: Computer Geek to Cult Icon: How I Invented the Personal Computer, Co-Founded Apple, and Had Fun Doing It by Steve Wozniak and Gina Smith – While it doesn't diminish the importance of the investment, it does clarify its role.] Jobs’ relentless pursuit of innovation led to the release of the iMac, iPod, iPhone, and iPad—products that reshaped entire industries. More than anything, Jobs’ ability to inspire was his greatest weapon. His famous "reality distortion field" made the impossible seem inevitable, though it sometimes led to unrealistic expectations. [Source: Steve Jobs by Walter Isaacson]

Did You Know? When Jobs returned, one of his first actions was to wipe out almost all of Apple’s existing projects, clearing the whiteboard for a fresh start. [Source: Return to the Little Kingdom by Michael Moritz]

Louis Gerstner: The Man Who Saved IBM (1993 - 2002)

IBM’s decline in the early 1990s was a result of complacency. The company, once the undisputed king of computing, found itself unable to adapt to the rise of personal computers. Losses mounted, and morale plummeted.

When Louis V. Gerstner Jr. was appointed CEO in 1993, he was an outsider. He wasn’t a tech guy—he had made his name at American Express and RJR Nabisco. But Gerstner was a strategic thinker who knew that IBM’s problem wasn’t technology—it was culture. He dismissed plans to break up the company, a move Wall Street favored, and instead focused on turning IBM into a services-driven business. He cut bureaucracy, pushed customer-centricity, and reinvigorated IBM’s brand with a focus on enterprise solutions. [Source: Who Says Elephants Can't Dance?: How I Took IBM from Near-Death to Global Leadership by Louis V. Gerstner Jr.]

Did You Know? IBM was so close to being broken up that teams had already been assigned to divide the company before Gerstner reversed course. [Source: Who Says Elephants Can't Dance?: How I Took IBM from Near-Death to Global Leadership by Louis V. Gerstner Jr.]

Alan Mulally and the Ford Comeback (2006 - 2014)

By 2006, Ford was in deep trouble. Sales were plummeting, debt was piling up, and the company was losing billions. Unlike its Detroit rivals GM and Chrysler, Ford refused to take a government bailout during the financial crisis. Instead, it placed its trust in Alan Mulally, a man who had spent his career in aviation, not automobiles.

Mulally’s leadership style was built on teamwork, transparency, and ruthless focus. He introduced the "One Ford" plan, eliminating brand silos and fostering global collaboration. He secured $23.5 billion in private financing before the financial crisis hit, giving Ford a crucial cash buffer. More importantly, he redefined company culture, replacing fear and internal competition with a spirit of unity. [Source: American Icon by Bryce G. Hoffman]

Did You Know? Mulally insisted on weekly "red, yellow, green" meetings, where executives had to be honest about their progress, breaking a culture of fear and blame. [Source: American Icon by Bryce G. Hoffman]

J?rgen Vig Knudstorp: Saving LEGO Brick by Brick (2004 - 2015)

LEGO’s near-collapse in the early 2000s is a cautionary tale of what happens when a company loses sight of its core strengths. After decades of success, LEGO overexpanded into theme parks, video games, and clothing, straying from its identity. By 2003, it was facing mounting debt and declining sales.

J?rgen Vig Knudstorp, a young McKinsey consultant, was appointed CEO in 2004. Unlike his predecessors, he was not a LEGO family insider. What he lacked in lineage, he made up for in strategic clarity. He brought LEGO back to its core—focusing on the brick itself. He cut costs, improved supply chain efficiency, and invested in innovation, launching new themes and LEGO movies that revitalized the brand. [Source: Brick by Brick: How LEGO Rewrote the Rules of Manufacturing and Conquered the Global Toy Market by David C. Robertson and Bill Breen]

Did You Know? LEGO almost went bankrupt because it diversified too much and lost sight of its main product—the brick. [Source: Brick by Brick by David C. Robertson and Bill Breen]

Howard Schultz and the Starbucks Revival (2008 - 2017)

When Howard Schultz returned to Starbucks as CEO in 2008, the company had lost its way. Overexpansion had diluted the brand, sales were falling, and customer experience had suffered. Schultz, who had built Starbucks into a coffee empire, understood that its strength was not just in selling coffee but in creating an experience.

Schultz took drastic measures—closing underperforming stores, retraining baristas, and refocusing on quality. He also embraced technology, expanding Starbucks’ digital presence and launching its wildly successful loyalty program. [Source: Onward: How Starbucks Fought for Its Life and Won by Howard Schultz and Joanne Gordon]

Did You Know? Schultz originally bought Starbucks in 1987 for just $3.8 million, seeing its potential to become something much bigger. [Source: Onward by Howard Schultz and Joanne Gordon]

South African Turnarounds

While these global stories inspire, South Africa has its own turnaround legends:

• Nando’s: From a small Johannesburg eatery to a global brand, its innovative marketing and focus on authenticity fueled its expansion.
• Shoprite: Under Whitey Basson, it grew from a small grocery store into Africa’s largest retailer through strategic acquisitions and cost management.
• Telkom: Transitioning from a struggling state-run entity into a competitive telecom giant, modernizing its network and diversifying services.

The DNA of a Turnaround Leader

The leaders behind these turnarounds share common traits:

• Resilience: They faced skepticism, crisis, and immense pressure but refused to be defeated.
• Vision: They saw beyond the immediate crisis to a future no one else could envision.
• Decisiveness: They made tough calls quickly, cutting inefficiencies and focusing on what mattered.
• Charisma: They inspired teams and stakeholders to believe in the turnaround.
• Customer-Centric Thinking: They realigned their companies with what customers truly wanted.

Conclusion

Business turnarounds are not just about survival; they are about reinvention. Whether it’s Apple revolutionizing technology, IBM pivoting to services, or Ford embracing a new era of collaboration, these turnarounds reveal the enduring power of bold leadership.

"The greatest glory in living lies not in never falling, but in rising every time we fall." – Nelson Mandela