Corporate turnaround: a comparative study of Perwira Habib Bank (M) Berhad and Bank Buruh (M) Berhad

A turnaround situation is an abnormal period in any company's history. It requires unique and distinctly different management approaches than does stable or growth management. In turnaround situations, many of the old and proven management principles applicable to more stable situations lose their validity. Basic principles still hold, but their implementations can take on entirely new and sometimes contradictory appearance. To turn around a company is to bring out an ailing company from the red sector to the profitable black sector. Very rarely are companies full-proofed from getting into trouble of incurring losses once established. Internally generated factors usually cause corporate decline more often than external ones. In order to manage a turnaround, there is a need for a distinctly different management approach. Unlike managing growth, the mission here is to save the company through quick, visible, aggressive and committed efforts.