Sign In
Not register? Register Now!
Essay Available:
You are here: HomeCase StudyLife Sciences
Pages:
4 pages/≈2200 words
Sources:
5 Sources
Level:
APA
Subject:
Life Sciences
Type:
Case Study
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 32.4
Topic:

Walther Insurance Company: Winning the Board's Approval to get the Company Back on Track Case (Case Study Sample)

Instructions:

This case highlights the challenges of restructuring an organization and dealing with a board of directors. James Gardner, the newly appointed CEO of Walther Insurance, is faced with the challenge of trying to turn around a company in decline. To accomplish this, he had to make the tough decision to ask the board of directors to downsize and restructure the company. His proposal to downsize the company was deadlocked at the first board meeting. He then had to decide whether at the next board meeting to push his plan through or to compromise the plan to ensure that he got the votes that he needs from the board of directors to implement his plan.

source..
Content:

Walther Insurance Company: Winning the Board's Approval to get the Company Back on Track
Case
Abstract
This case highlights the challenges of restructuring an organization and dealing with a board of directors. James Gardner, the newly appointed CEO of Walther Insurance, is faced with the challenge of trying to turn around a company in decline. To accomplish this, he had to make the tough decision to ask the board of directors to downsize and restructure the company. His proposal to downsize the company was deadlocked at the first board meeting. He then had to decide whether at the next board meeting to push his plan through or to compromise the plan to ensure that he got the votes that he needs from the board of directors to implement his plan. Learning Outcomes
By the end of this case study, student should be able to:
* To explain the importance of the managerial role of planning and coordinating.
* To describe the role of a manager in promoting trust and mutual respect among firm stakeholders.
* To define some of the key challenges that managers face in the decision-making process.
* To describe and explain the role of the board of directors.
Case Background
On January 10, 2017, James Gardner, the General Manger of Walther Insurance Company entered his office with a slight headache, perhaps due to the explosive board meeting held the previous day where the board failed to reach a consensus over the future direction of the company. He had been the company's CEO for three months and was already in a position where he had to convince the board of directors to make drastic changes.
James Wapet
James is a 40-year-old manager who has had significant success at two reputable insurance companies before moving to Walther Insurance. After graduating college, he got his first job as a management assistant at Grange Insurance Company. His five years at Grange were quite prosperous; he was promoted three times and worked his way up to regional manager. He left Grange Insurance Company as the regional manager overseeing all operations in Alabama, Georgia, and Florida. During his tenure at Grange, he managed to help his region's revenue and profits by over 80 percent. He was then recruited by Feingold Insurance to be vice president of operations.
He worked as the vice president of Feingold Insurance Company for seven years before being promoted to be the company's chief operating officer (COO). He served as Feingold's COO for three years; as Feingold's COO, James saw the company's revenue rise twofold and increased the company's profitability by 90 percent. He had to make several radical management and operational changes to achieve that success. For instance, at one point, he was forced to restructure the company and lay off more than 200 employees. He also introduced compulsory training sessions for the company's employees. Generally, James's proactive approach of leadership and risk-taking ability helped the company change its public image and eventually helped it rise to be among the best insurance companies in the country. Because of his successful tenure as COO of Feindgold, he was recruited to become the CEO of Walther Insurance Company. He took over the helm of Kimble in November of 2016. Although relatively young to take over as CEO of a $400 million company, James moved into Walther with a great deal of experience under his belt.
The situation at Walther Insurance Company
James joined Walther Insurance Company in November of 2016. The company needed a CEO who would lead the company back to its glory days; at one point the company had generated over $800 million in revenue with strong profit margins and was perennially ranked as one of the best mid-size insurance companies in the country. However, the company had been on a steady decline for over five years and revenues were only $400 million in 2016 and the company had an operating loss of $20 million that year. In 2017, Walther Insurance Company employed over 700. It had branches in the 28 cities within the country and offered general home and auto insurance policies. The company served close to a million customers in 2017, which is drastically down from the 2 million they served in 2011.
James Gardner's predecessor, William Brungart, led the company down a declining path from 2010-2016. In 2010 and 2011, Brungart had had a brief period of success. However, things steadily declined after that. Under his control, Walther revenue dropped by 50 percent and its customer base also reduced tremendously. Despite Brungart's efforts to salvage the situation, which in most instances took vast sums of capital, the company failed to get back on track. One of the most significant causes of the demise was rapid, uncontrolled growth; the company opened more than ten branches in different parts of the country within a few months. This led to an increase in the number of employees

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • About Writing A Summary Of An Article: In Praise Of Localism
    Description: In Praise of Localism talks about the most learned people who happen to be the most fools in the world. According to the book, the story does not end with Rachael Carson nor with end with the note of triumph. ...
    2 pages/≈550 words| 3 Sources | APA | Life Sciences | Case Study |
  • Walther Insurance Company: Winning the Board's Approval to get the Company Back on Track Cas. . .
    Description: This case highlights the challenges of restructuring an organization and dealing with a board of directors. James Gardner, the newly appointed CEO of Walther Insurance, is faced with the challenge of trying to turn around a company in decline....
    4 pages/≈1100 words| 5 Sources | APA | Life Sciences | Case Study |
  • Team Conflict: Explain Why Conflict Is Also A Good Thing In A Setup
    Description: Although many people would think that conflict in the work place is bad, and would paint a picture of stressful confrontations, conflict actually refers to different ideas or interests, tension and disagreements which all come about with collaboration....
    1 page/≈275 words| 2 Sources | APA | Life Sciences | Case Study |
Need a Custom Essay Written?
First time 15% Discount!