During a turnaround at ABB, CEO Dormann took several steps to reform corporate governance including forming a strategy committee to develop a back-to-basics plan over 18 months, increasing transparency through a weekly CEO letter and sharing goals, and decentralizing governance while maintaining transparency and focus on performance. These reforms helped lead ABB to recover from near collapse, with revenue growing to $18.78 billion and 105,000 employees by 2003, after which Dormann stepped down as CEO but remained chairman.