The old proverb “new brooms sweep clean” is often misleadingly mentioned to suggest that new hires are more thorough. That drops the cautionary second part of the proverb that should not be ignored: “but an old broom knows the corners.”
The wisdom of the full saying rings especially true when considering how the nascent turnaround effort at iconic retail chain Target appears to be coming into focus, despite widespread initial skepticism. While the path forward remains challenging, could Target’s turnaround be right on target despite all the naysayers?
Data suggests that when it comes to CEO succession, old brooms really do know the corners
That skepticism apparently ran so deep, that merely two months ago, when Target announced that longtime, widely admired CEO Brian Cornell would be retiring and that 20-year company veteran Michael Fiddelke would take the reins, the stock immediately plummeted 8%, with sellside Wall Street analysts commenting that “inves
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