In January health-care and pharmaceuticals giant Johnson & Johnson announced that CEO Ralph Larsen was stepping down after 38 years. His successor William Weldon has been well-groomed for the position, having worked for J&J for 30 years starting as a sales rep and most recently running the US$15 billion pharmaceuticals division. At the same time, J&J announced a 4th quarter 2001 profits rise of 20%, following on from the 16% rise in the previous quarter and a long history of profitability. This scenario of a long-serving chief executive, an orderly succession process, the successor having risen from the ranks and outstanding financial performance driven by successful strategy in spite of turbulent times is not as common as the other extreme: a chief executive brought in from outside an organisation to deliver quick fixes and who departs within a few years regardless of results achieved. ...