By Ataka TAKASHIMA (MBA Class of 2026)
Shortly before starting my MBA journey at ICS, I worked on a project where I first learned about the role of a Chief Restructuring Officer (CRO).
A CRO is a senior executive responsible for leading a company through restructuring or turnaround, particularly when the business is facing serious financial or operational challenges.
Through that project, I realized that a liquidity crisis is not simply about deteriorating financial numbers. When the survival of a company is at risk, the consequences affect many stakeholders — not only management and shareholders, but also employees, customers, business partners, and many others. I saw firsthand how difficult and painful such a situation can be for the people involved.
That experience left me with an important question:
“When I become a business leader, what can I do to prevent a company from reaching such a critical situation?”
Of course, no business leader can predict or prevent every crisis. Still, I believed there must be things leaders can do.
That was why I was particularly excited to hear from Mr. Tom Noda of AlixPartners, who has extensive experience working at the forefront of corporate restructuring and turnaround.
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Acting before a crisis becomes critical
One of the most memorable parts of the session was Mr. Noda’s explanation of how a company can move from a healthy state into a profitability crisis and eventually into a liquidity crisis.
What particularly struck me was his explanation that a profitability crisis represents a critical stage at which management still has an opportunity to restore the company to a healthy state. If necessary actions are not taken at this stage, however, the company may eventually fall into a much more serious liquidity crisis.
Companies can face difficulties for many reasons, both external and internal. One point that stayed with me was that the situation can become even worse when management becomes reluctant to change despite shifts in the business environment and loses its focus on enterprise value.
As I listened, I found myself returning to the question I had developed through my previous project. Restructuring is not only about how to rescue a company after a crisis has occurred. For business leaders, it is also about recognizing warning signs and taking action while there are still options available.
Turning difficult decisions into action
Mr. Noda also shared a case in which a company had to make the difficult decision to carve out a core business that had been part of the company since its foundation.
What impressed me was the importance of strong leadership from the board and management in making difficult decisions and following through with execution, even when the transformation involved significant pain.
At the same time, such decisions cannot be made solely from the perspective of investors. Leaders must also consider the impact on customers, employees, and other stakeholders.
This case reminded me that corporate transformation is not simply about finding the financially correct answer. It is about making difficult decisions while considering their impact on different stakeholders — and then having the determination to execute them.
Three messages that stayed with me
At the end of the session, Mr. Noda shared three powerful messages:
Have a healthy sense of urgency
Don’t hesitate to make changes
“Execution” can’t be replaced by AI
To me, these three messages are closely connected.
Leaders need to notice changes in the business environment and small signs that something may be going wrong. They need to maintain a healthy sense of urgency rather than assuming that everything will somehow be fine. And when change is necessary, they need the courage to act and the ability to follow through.
Because I had previously seen how a liquidity crisis can affect so many stakeholders, “Have a healthy sense of urgency” resonated with me particularly strongly.
Connecting the dots at ICS
Mr. Noda’s session also led me to another important realization: I began to see more clearly how the different subjects we are studying at ICS are connected to what it takes to lead a healthy business.
Accounting and Finance are not simply about learning numbers, formulas, or financial statements. They help us understand the health of a company and detect early warning signs.
But recognizing a problem is not enough to create change. Leadership can give us the courage to speak up and act when change is needed, while the various subjects we study in the MBA program help us understand how to mobilize people and organizations to execute that change. In this sense, the different subjects we study at ICS are closely connected: Accounting and Finance help us detect the warning signs, Leadership gives us the courage to act on them, and the other MBA subjects help us turn those actions into execution.
Through Mr. Noda’s session, subjects that I had previously been learning separately began to connect in my mind as different parts of what it means to manage and lead a business.
What kind of business leader do I want to become?
After graduating from ICS, many of us will be involved in managing businesses and organizations in different ways.
Personally, I hope to continue working in a company that creates value for customers and other stakeholders through its businesses, while taking on greater responsibilities in management and leadership.
In a business environment characterized by uncertainty and rapid change, keeping a company healthy is not easy. That is exactly why I want to develop the ability to sense when something is changing or going wrong, the courage as a leader to act on those signals, and the ability to carry transformation through to the end.
Mr. Noda’s session offered much more than insights into restructuring and turnaround. It gave me an opportunity to think about what kind of business leader I want to become through and beyond my MBA journey.
Have a healthy sense of urgency. Don’t hesitate to make changes. And execute.
As I continue my journey at ICS, I hope to keep these messages in mind and connect each new learning experience to the kind of leader I aspire to become.
I am truly grateful to Mr. Noda for sharing his experience and insights with us and for giving me such a valuable opportunity to reflect on my own journey.
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Ataka is a Japanese business professional with over 12 years of experience in the FMCG industry and a strong interest in global business strategy, organizational development, and leadership. |