When Joaquin Duato took charge of Johnson & Johnson’s Janssen Americas pharmaceutical business in 2009, the company was reeling from three straight years of revenue declines, prompting talk of putting the $22 billion unit on the auction block.

As the new group chair tasked with formulating a turnaround plan, Duato faced a lack of unified vision, a drying pipeline of new medicines, and a culture focused internally on its own processes rather than on external change and patient needs.

“We needed to create a new narrative for the pharmaceuticals business,” he said, “one with a common strategy, a common set of priorities, and an agenda for change.”

At Innosight’s 2017 CEO Summits in Boston and London, senior leaders from across industries gathered to share experiences about the challenge of creating new growth in times of rapid disruptive change.

“The gales of creative destruction have never blown more fiercely,” said Innosight managing partner Scott D. Anthony. That doesn’t mean that leaders need to abandon what has made them successful. Rather, the accelerating pace of change calls for taking a systematic approach to innovating products, services and business models.

But instead of a monolithic approach to change, we explored how “dual transformation” enables companies to pursue core and new growth simultaneously, ensuring both efforts get the resources they need to thrive.

DOWNLOAD CHAPTER TWO (of Three) to see how leaders are putting dual transformation into action.