Abstract
The paper examines the turnaround in the fortunes of the UK supermarket chain William Morrison, which followed the takeover of Safeway PLC. Three elements of the turnaround process and their linkages are examined: the role of corporate governance, the stages of strategic planning and the role of key individuals. Evidence is drawn from interview notes with senior executives and contemporary press accounts. The case illustrates the importance of corporate governance in turnaround situations as the catalyst for management change, which can then facilitate the development of staged recovery plans.
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