Able Corporation needs to adjust its strategies and policies with a view to align these with the demands of market, in order to reap the benefits of hard work and innovative talents of its employees and management.
Whereas the solutions to the problems might appear quite obvious in the given scenario, the company faces biggest threat of failure to implement those in the form of resistance from the policy front as the president of the company belongs to the predecessor and principally is an advocate of the past policies. The main threat, therefore, remains the resistance to change and the possibilities of a trickle down of this resistance from top to bottom.
The first and foremost strategy to deal with the problems the company is facing is to bring about a paradigmatic change in the management style. The president of the company needs to be convinced to bring in new policies well suited to the changing market circumstances. As the said person mainly is inclined towards the past policies, due to obvious reasons, my first step would be to organize ice-breaking sessions between the senior officials of Walden and Able and then president and senior management of Able. The agenda of such sessions would be to bridge the gap, while also giving the president an opportunity to discuss the rationale for all the past policies that proved wrong and also the precise reasons for sticking to those policies at the time when the change in the policies and alignment with the market scenario was inevitable. I sincerely hope that defending a wrong policy with a proven track record of failures wouldn't be an easy task and the President will have to agree with the fresh ideas contributed by the other stakeholders. This, I see as a first step towards tactfully handling the situation.
Moreover, The president must understand that it is the job of leaders and managers to continually make efforts to accomplish successful and significant change (Free Management Library, http://www.managementhelp.org). He needs to be facilitated in realizing his true role as the leader of the company.
The top management must sponsor, initiate