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industry knowledge, local market expertise, and a commitment to client-centric solutions.The onset of the 21st century had brought disruption, however. As online shopping became more popular, sales at Highstreet%u2019s urban malls began to flag. Several anchor tenants filed for bankruptcy. The company responded by expanding its network of destination outlet malls featuring off-price luxury-brand items that weren%u2019t available online, creating a %u201ctreasure hunt%u201d experience that appealed to shoppers%u2014and a competitive moat against the threat of ecommerce.2 However, the global pandemic had devastated all of Highstreet%u2019s divisions, and analysts worried that physical retail might never fully recover. The company now faced higher vacancy rates and suffered from a bloated cost structure. With declining revenues and two years of net losses, its stock was 50% below its 2019 peak. The board had pushed the longtime CEO into retirement and recruited Shannon to orchestrate a rebound.A graduate of Oxford and Wharton, she had begun her career at a boutique realestate investment firm, where her financial acumen and work ethic quickly distinguished her as a star performer. After a decade she transitioned to a commercial real-estate firm and swiftly rose through the ranks. She burnished her reputation by nurturing client relationships and leading a digital transformation that gave her employer an advantage in using data and technology to manage its properties and client services.Shannon had been a nontraditional choice for Highstreet, however. All its previous CEOs had been longtenured %u201clifers%u201d at the company.3 But the executive recruiting firm had suggested that her fresh perspective, leadership style focused on collective problem-solving and transparency, and track record for moving swiftly but in close consultation with her team made her a solid pick. When the board had offered her the job, its chair, Bill Fife, had expressed confidence in her. %u201cShannon is the best person to fix Highstreet without breaking it,%u201d he%u2019d said.As she settled into the role, she encountered an overcomplicated matrix structure,4 resulting in what she saw as redundancy and less accountability than she%u2019d like. The structure had created silos, and a reverence for %u201ctradition%u201d made the firm resistant to change.Whom to Fire, Hire, or Retain?Shannon had inherited a seasoned executive team at Highstreet. Her 10 direct reports5 were the chief financial, technology, and human resources officers; three geographic heads overseeing the United Kingdom, continental Europe, and the rest of the world; and the leaders of four