RT Journal Article SR Electronic T1 Turnarounds JF Trading FD Institutional Investor Journals SP 69 OP 71 VO 2004 IS 1 A1 Peter L. Tourtellot YR 2004 UL http://guides.pm-research.com/content/2004/1/69.abstract AB The knee-jerk reaction for most companies in financial peril is to replace their current CEO with an industry insider who “really knows the business.” However, insiders often make the same mistakes as their predecessors. Industry outsiders enter a company with a fresh pair of eyes and a number of other advantages. In many cases, industry knowledge is not what a company needs; it's decisive leadership and vision. This article explores the edge outsiders bring, including immunity to old modes of thought, the ability to float above corporate politics, and fresh credibility.