It took Stora Enso 6 months to transform itself into a global renewable materials company.
Their novel approach to change management was as follows. Rather than handpick the usual senior managers, a team called Pathbuilder was formed of 16 insiders from widely different functions and levels of seniority to present senior leaders with new ideas.
If before the change 70% of revenues and 60% of the company’s profits came from paper, today the new growth businesses contribute 67% of sales and 76% of profits. Since 2011 the share price has more than doubled.