I don’t think people realize how difficult it is to fire everyone, keep the wheels moving on the current business, hire new leaders who hire new teams, still keep the current business moving, and find time to innovate the next business.
I had never done a turn around and tried it for my last company. I doubt I’ll ever try it again. You simply can’t fire and hire fast enough. I think the only way it might work is if you leave the existing people in place to maintain the business. Then wall off the new hires that are going to create the next engine of growth. If you try to execute with a mixed team, the incompetent legacy employees kill any chance of successfully launching new stuff.
Also, when a company isn’t performing the employees are used to a walking pace. You can’t just come in and demand they start running. You’re lucky if 20% of the employees embrace it, and maybe half of those will achieve it. The rest just dig in, hate the new people, and hope all the change will pass.
Jobs did it right coming in and killing most of the product development plans. That gave him room to fire people down to small enough teams to execute the small number of products that’d determine the company’s future.