HOW TO LEAD SUCCESSFUL CHANGE MANAGEMENT FOR GOOD

In any given moment we have two options: to step forward into growth or step back into safety. This quote, attributed to Abraham Maslow, emphasizes the importance of change management. Change is never easy but companies that embrace change and its growing pains often create new competitive advantages.

Julia Binder

Not all companies survive transformation, but those that do often redefine their industries. Neste, once a traditional oil refining company, faced a critical crossroads as the world moved away from fossil fuels. When Matti Lievonen took over Neste in 2009, the Finnish oil refining company faced strong headwinds, including a sharp fall in oil prices, market overcapacity, falling margins, and coming EU carbon emissions legislation. The company’s market value dropped 50% between 2008 and 2011. Instead of resisting change, the company made a radical pivot-shifting its core business from petroleum-based products to renewable fuels and sustainable solutions.1 This wasn’t a minor adjustment; it was a complete reinvention that required new technologies, new markets, and a new way of thinking about value creation. Today, Neste is the world’s largest producer of…

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The European Business Review (Digital) - 1 Issue, March/April 2025

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