Companies failing to appoint strong leaders could end up facing the same disastrous situation as Marks and Spencer, a leadership expert has warned.
Alan Hooper, director for Exeter University’s Centre for Leadership Studies claimed organisations needed good leaders to recognise the need for change.
Hooper blamed poor leadership for the current slump in profits and share value which the company is currently facing.
He said: "Their shareholders warned them four years ago and their customers warned them three years ago but they did not take action."
Hooper used the example of the sigmoid curve to describe when managers should innovate and change their product.
The curve shows companies must act to change products before their current product has reached its sales peak.