CEO Fred Hassan faults decentralization and financial over-management for much of Schering's trouble--including its inability to fix its manufacturing problems, its lack of oversight over its sales force, and its inadequate response to the competitive threat from Roche. Cutting costs further--as some analysts looking for short-term earnings growth would like to see--won't help. Instead, Hassan's investing-particularly in marketing-oriented clinical studies.
"History," George Orwell noted, "is written by the winners."
Schering-Plough Corp. 's new management, led by chairman and CEO Fred Hassan, can hardly yet declare victory, but they...
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