Word: turnarounds
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...turnaround model could be a road to greater growth for the charter-school movement which, after 16 years, comprises 1.4 million students in 4,600 schools - still only about 4% of all public schools. Charters, which are funded with public dollars but are typically free of school-district and teacher-union restrictions, have typically been regarded as labs of innovation (though a recent Stanford University study makes the case that charter-school quality can range greatly, from great to not so great). Many charter principals have full control over the hiring and firing of teachers, full control of what curriculum...
Such a radical approach - where, as Duncan says, "the children stay and all the adults leave" - is one of several turnaround options that the Department of Education has endorsed. In Chicago, where Duncan was CEO of the city public school system for seven years, several schools underwent turnarounds under his watch. Results have been mixed, and because some union teachers lost their jobs, the process was - and continues to be - controversial. At a June 19 speech in Chicago, Duncan was welcomed home by a group of protesters railing against charters and turnarounds...
...year alone, Fannie and Freddie lost a combined $33 billion; the government has pumped $85 billion in equity into the two companies to keep them afloat. What's more, the Treasury and the Federal Reserve have purchased more than $700 billion of Fannie and Freddie mortgage securities. Still, the turnaround of the two companies is not yet in sight. Lockhart said the bottom lines of Fannie and Freddie probably won't rebound for another year...
...jazz-loving Marchionne, who left Italy as a teenager to move to Canada and for a while lived just across the river from Detroit, is not a micromanager. He declined to be interviewed, but in a first-person account of the Fiat turnaround published in Harvard Business Review, he talked about how he had abandoned the "Great Man model of leadership" that long characterized the Italian firm. Fiat's Great Man was the late Gianni Agnelli, grandson of founder Giovanni, whose family was nothing short of Italian industrial royalty and still controls the firm...
...memo to Chrysler employees, Marchionne talked about that record. "Five years ago, I stepped into a very similar situation at Fiat. It was perceived by many as a failing, lethargic automaker that produced low-quality cars and was stymied by endless bureaucracies," he wrote. Giving his version of the turnaround - hard work, tough choices, heavy investment and a culture "where everyone is expected to lead" - he promised that "we can and will accomplish the same results here." Even if Fiat doesn't become the next Apple, everyone from the President to the survivors on the Jeep shop floor...