Julia Dhar

Do they explain the reasoning behind the decision in roughly the same way?

And equally importantly, and I think it would be wonderful if as an investor community, as an analyst community, when we have the opportunity to ask questions and get clarifications from leadership teams, we spend a good amount of time pressing people on the how of their announcements.

How exactly will we make this shift?

How will we know if you have been successful?

And continuing to follow up on that over a period of time.

So it's not just that we get the

early enthusiasm around an announcement, but we actually see whether that success yielded specific results.

One right at the outset is innovation.

Getting and hearing from companies, from leadership teams, what's the story underlying that innovation is or that stated innovation is incredibly important.

So we argue that there are three basic types of stories of change in an organization.

So there is a threat story, like we must change or we will die.

There is a fitness story.

So we, as a company, have perhaps gotten a little bit loose in our processes, perhaps a little bit undisciplined in our capital planning, a little bit overconfident about how much customers or the market love us and we need to

continuously, consistently develop a better set of habits in order to return profitability or increase profitability and to be worthy of investor trust.

First threat, then fitness.

And the third is destiny.

By making a set of choices and changes, we can become who this company was always meant to be, what we were always supposed to be creating together, really achieve our purpose.

Now, there are two dilemmas that happen inside leadership teams.

One is trying to put all of those, threat, fitness, and destiny, all together into a single story and say, well, it's a bit of this and it's a bit of that, and also it's a little bit of destiny.

What that leads to is a really muddled and confusing explanation, but it might also be a sign that the strategy is not very clear.