Embracing "Thoughtful" Risk-taking

While growing up in upstate New York and studying accounting at St. Bonaventure University, Chris A. McWilton became an admirer of the region's most iconic corporation, Rochester-based Eastman Kodak. "It was long a company that was near and dear to my heart, but, unfortunately, it never did adapt to change."

Kodak executives' resistance to changing times has resulted in the firm's recent bankruptcy filing. Technology and consumer tastes change quickly, McWilton said, and Kodak is an example of how important it is for leaders to recognise that. "Eastman Kodak was minting money -- it had incredible margins and a great brand. It was an icon. It was what you looked for when you thought of the word, successful McWilton stated. "But then Fuji ran over them by processing film more cheaply. And then digital technology took off. No one saw change coming. And that long run of euphoria ended abruptly."

The same fate could have befallen MasterCard ... READ MORE

Chris McWilton of MasterCard

Released by Knowledge@Wharton 29 February 2012