By Franklin Alli

The Managing Director, Corporate Turnaround Centre Pte Ltd., Singapore, Dr. Michael Teng, has called on companies in Nigeria to carry out a health check on their Chief Executive Officers(CEOs’), saying “Incompetent CEOs’ top viruses affecting sick industries globally.”

Dr.Teng who was in the country this week to address delegates at Trithel Consulting Forum on ‘Corporate Turnaround and Transformation,’ said ten viral attacks are currently affecting corporations globally with incompetent CEOs topping the list.

Teng, the author of Corporate Turnaround: Nursing a Sick Company Back to Health, said the other viruses attacking businesses are arrogance, procrastination, and hiring poor quality staff.

According to him, resistance to change, lapses in internal control, including bad marketing, high staff and over leveraging also affects company’s balance sheet and have brought a good number of companies to their knees.

“Globalisation, terrorism, the global recession, and rapidly changing technologies are constant environmental threats that can make your company sick – unless it has the requisite change management tools that it needs to avoid succumbing to a fatal illness. Just as you would consult with a medical doctor if you were ill, so you should consult with a turnaround doctor when your company is ill.”

“In this competitive global market and age, change management has become an integral part of our daily lives. Constant transformation is needed and the application of turnaround strategies are crucial in keeping your company in check and alive. ” he said.

“I callmy 3-step turnaround plan: Surgery (Improve your cash flow by restructuring the organisation and putting a stop to the unnecessary expenses. Resuscitation (Inject new business income streams and boost existing sales to increase your profits, and Nursing(Strengthen your corporate culture and team to build a strong and healthy corporate immune system to sustain long-term growth,”he said.