In a presentation to industry professionals at the Turnaround Management Association Conference in Sydney, Bis CEO Brad Rogers changed gear by focusing on Bis’ story of transformation during a market downturn predisposed by volatility, uncertainty, complexity and ambiguity.
Faced with souring market conditions in 2015, Bis CEO Brad Rogers said that “we had a long list of customers who were under pressure and looking to us to help with their own cost reduction and productivity challenges.”
Bis used these challenging market conditions to develop a comprehensive strategy that included a balance sheet restructure, but would also remake our branding, culture, communication, with an invigorated focus on our customers and targeted product innovation.
“We reduced our cost base, re-branded and re-formed our strategy with a focus on customers and competitor intelligence. We invested behind innovation and key talent,” said Brad Rogers.
In short, Bis used a difficult market to get difficult things done.
In late 2017 Bis recapitalised and significantly de-leveraged the balance sheet. The debt to equity conversion wiped around 80 per cent or $1billion off total debt.
“Bis has come a long way since 2015. It’s been a story of transformation. We feel we’ve done the hard work in the last few years, and we’re ready for and excited by what’s ahead. Bis has always been a great company, but we’re now better equipped, prepared and focussed on the right priorities to prosper in the years ahead,” he said.
“Our recent story has been one of facing up to challenges, seizing the moment and using it to your advantage. You can’t control the hand you’re dealt, but you can choose how to play.”