"I Was Their Last Hope" – A CEO’s Turnaround Journey

In early 2005, I was offered the role of CEO at an international bank—a seemingly prestigious opportunity, but with a catch: I was their last hope.
The Board, was transparent, listed out all the issues and appraised me what I was getting into if I were to accept the offer.

 

•      The bank had been loss-making for five consecutive years.
•      Its foreign exchange trading license had been suspended by the central bank for regulatory       breaches.

•      Staff morale was at its lowest ebb and most senior, talented executives had already quit.

•       The former CEO was relieved due to sexual harassment allegations.

•       The customer base was dwindling, and non-performing loans were climbing rapidly.

•       Worst of all, foreign shareholders were tired of losses, and were planning for closure of the bank and give just two more years before initiating closure if results didn’t improve.

 

-       To add another layer of challenge, the bank operated in a non-English-speaking country, where Portuguese was the official language—something I had no proficiency in.
Yet, despite this daunting backdrop, I was tempted.

Why I Considered It

*      My current role had stagnated due to changes in ownership. Growth was stifled by favoritism and politics rather than performance. I had hit a plateau, and I knew it. The offer presented both a challenge and an opportunity—to prove myself in a leadership role and to potentially revive a sinking ship.
The silver lining was that the Board promised:
•      A free hand in recruitment

•      Freedom to introduce new products

•      A significant marketing and relationship-building budget

•      And a profit-sharing component to my compensation—but that was possible only if the bank turned profitable.

They gave me seven days to decide about the offer and encouraged me to speak with current staff to make an informed decision.

I grappled with doubts:
 

•     What if I fail?

 

•     Is it wise to walk into a crisis?

•     Can I be comfortable with so much pressure and stress?

•     It’s a difficult market to operate especially with the bad reputation the bank had generated?

•     If I fail, will it be a setback for my future career prospects?

It was an extremely tough choice make and I was never been so stressed in my life. On the sidelines, I was also excited about an opportunity to be CEO for the first time.
But I also knew—if I succeed, it could be a defining moment in my career.
 

The Decision

On deadline day, I said yes.

 

I decided I would put every ounce of my experience, my skills and energy into turning the bank around. If things didn’t work out, I could still walk away with my head high, knowing I tried. But if they did… it would change my outlook towards my own capabilities.

 

The Turnaround: My First Days as CEO
Once I found my feet in this new assignment. Here's what I did in the first few months:

1. Built the Right Team

•   Recruited key staff, including some from India, who would share my vision and join me in making turnaround possible.

•   Hired a local retired senior banker fluent in both English and Portuguese as my advisor. To help me in handling all the communications in Portuguese, advise me the local environment about Dos and Don’ts.

•    Facilitated appointment of a respected local retired Central Bank official as a director on the Board of the bank. Adding credibility.

2.  Managed Perception and Public Image

•    Promoted positive narratives in the media to rebuild the bank’s image.

3. Tackled the NPL Crisis

•   Formed a dedicated team to pursue negotiated settlements on written-off loans, which were 100% provisioned in the previous years, releasing the frozen assets in courts.

•   Rescheduled loans where businesses were running and turn their NPLs to active and healthy loan accounts.

4. Introduced New, Customer-Centric Products

•    Recurring Deposit Schemes for salaried class.

•    Daily Deposit Schemes for small traders.

•    Short-term cash flow financing products for SMEs

5. Ramped Up Customer Engagement

•    Reactivated dormant accounts

•    Focused on SMEs, schools, and corporates

•    Provided services like:
     - School fee collection support

 

     - Consumer loans for school teaching staff

      -Consumer loans for government staff

      - Mobile utility bill collection

      - Foreign exchange services and forward contracts at a discount

The Results
By the 10th month, signs of revival began to show.
•     The bank turned profitable.

•     Customer satisfaction surged.

•     Foreign Exchange License restored.

•     Relationship with regulator improved and trust restored.

•     Staff morale was reborn.

•     The Board regained faith in the team and the bank.

And for me—my confidence soared. I had taken a massive risk, walked into a storm, and found my way to calm waters.

Conclusion – Lessons Learnt
The journey was tough, but worth every sleepless night, every difficult decision made and every risk taken.

I had a choice, to stay put in my current assignment or accept the difficult assignment, and I am thankful I accepted, it introduced me to my own inner core strengths.

The experience taught me, when you have clear goal, and take calculated steps with clarity of purpose and a good team who share your values and vision, even the most difficult situations can be turned around and emerge successful.

Leadership comes under fire during crisis and requires speed and quick calculated decisions.

 

Most importantly, it reaffirmed one belief I’ll carry forever:

“Leadership is not about inheriting success and follow the strategies that worked previously—it's about thinking out of the box, call for strategies from experience, belief in one’s self and finally creating it.”

So the next time you’re offered a role that looks impossible to achieve, don’t dismiss it outright – it may the very challenge that defines your career.