We don't grow unless we take risks. Any successful company is riddled with failures - James E Burke.
When Burke took over Johnson & Johnson, the company had 2 incidents of cyanide-laced Tylenol capsules. The scandal dropped Tylenol’s market share from 35% to 7%.
Burke decided to recall every product resulting in massive losses for the company. All his fellow board members were against it.
However, Burke’s decisive and swift actions resulted in Tylenol regaining customer confidence and its 35% market share.
Proving that honesty and integrity will always pay dividends in the long run.