A Tale of Two Turnarounds at EDS: The Jordan Rules

James B.Shein; Rebecca Frazzano; Evan Meagher

doi:10.4135/9781473969926

Cases

By:
James B. Shein
,
Rebecca Frazzano
&
Evan Meagher
Publisher: Kellogg School of Management
- Publication year: 2010
- Online pub date: March 06, 2016
Discipline: Organization Development, Organizational Behavior, Strategy Transformation
DOI: https://doi.org/10.4135/9781473969926
Keywords:
cash flow, contracts, Jordan, navies, outsourcing, staff bases, UBS
Show allShow less
Contains: Data | Supplementary Resources | Teaching Notes

Length: 9,367 words

Region: Northern America

Country: United States of America

Industry: Computer programming, consultancy and related activities

State: Texas

Organization: Electronic Data Systems (EDS)

Originally Published In:
Shein, J. , Frazzano, R. , & Meagher, E. ( 2010). A Tale of Two Turnarounds at EDS: The Jordan Rules. 5-409-754. Evanston, IL: Kellogg School of Management, Northwestern University.

Organization Size:
Largeinfo

Type:
Direct caseinfo

Online ISBN: 9781473969926

Copyright: © 2010 Kellogg School of Management, Northwestern University

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Case
Teaching Notes
Supplementary Resources

Abstract

The case briefly describes the history of Electronic Data Systems (EDS) under Ross Perot and GM before turning to the beginning of a tumultuous decade in the late 1990s. As the turn of the century approached, EDS made critical strategic missteps such as missing opportunities in the Internet space, overlooking the onset of client-server computing, and failing to obtain major Y2K-related projects. The company attempted a turnaround by replacing the CEO with Dick Brown, whose leadership helped streamline the sprawling company. Despite initial successes, Brown's tenure ultimately ended in failure, due largely to his failure to recognize the growing Indian market and his willingness to buy business at the expense of the company's margin. The disastrous multibillion-dollar Navy & Marine Corp Intranet contract typified the type of high-profile transactions that Brown pursued, often boosting EDS's stock price in the short term while eroding its cash flow short term and its profitability over the long term. EDS management went through several stages of the turnaround process: the blinded phase, the inactive phase, and the faulty action phase, until Michael Jordan replaced Brown as CEO and enacted a three-tiered operational, strategic, and financial turnaround.

This case was prepared for inclusion in SAGE Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

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Resources

Excel 1. Exhibit Data

Exhibit 1: The Rise of the $1 Billion+ Mega-Deal in IT Outsourcing


Year	Vendor	Client	Estimated Value ($ in millions)	Term (years)
1998	IBM Global Services	General Electric	1,500	10
1998	EDS	Banca di Roma	1,500	10
1997	The Sabre Group	US Airways	4,300	25
1997	IBM Global Services	Telstra	3,500	N/A
1997	EDS	Bell South	3,000	10
1997	Ernst & Young	Shell International	3,000	5
1997	CSC/BDM	GSA	3,000	5
1997	EDS	Commonwealth Bank of Australia	2,900	10
1997	Lucent	Navy	2,900	10
1997	Ernst & Young	Farmland Industries	2,100	15
1997	Andersen Consulting and IBM	Ryder Systems	1,400	10
1997	Lockheed Martin	Federal Aviation Administration	1,044	10
1997	IBM Global Services	Monsanto	1,000	10
1996	IBM Global Services	Lucent	6,200	10
1996	CSC and Andersen Consulting	DuPont	4,000	10
1996	CSC, BDM, EDS	DEIS II	3,000	5
1996	Andersen Consulting, ATT, and CSC	JP Morgan & Co.	2,000	7
1996	CSC	CNA Financial Corporation	2,000	10
1996	IBM Global Services	Ameritech	2,000	10
1996	AT&T Solutions	Textron Inc.	1,100	10
1996	Logicon	National Insititute of Health	1,000	5
1995	Perot Systems	Swiss Bank	6,250	25
1995	EDS	BTI Americas, Inc.	1,000	11
1995	EDS	Dutch Railway	1,000	10
1995	EDS	UK Dept of SS	1,000	10
1994	EDS	Xerox	3,200	10
1994	AT&T Solutions	Delta Air Lines	2,800	10
1994	CSC	British Aerospace	1,500	10
1994	CSC	Hughes Aircraft Co.	1,500	8
1994	CSC	NASA	1,045	8
1994	MCI Systemhouse	Canada Post	1,000	10
1993	EDS	INLAND Revenue	1,500	10
1993	EDS	K.F. Sweden	1,000	10
1993	France Telecom	Euro Disneyland	1,000	10
1992	IBM Global Services	McDonnell Douglas	3,000	10
1991	CSC	General Dynamics	3,000	10
1991	EDS	System One/Continental	2,100	10

Source: Salomon Smith Barney Research Note, June 16, 1998.

Exhibit 2: EDS Income Statement


	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993
Net Sales or Revenues	22,134	21,268	19,757	20,669	21,476	21,502	21,543	19,227	18,534	16,891	15,236	14,441	12,422	9,960	8,507
Operating Expenses	20,846	20,437	19,103	20,009	20,845	19,633	19,318	17,406	17,023	15,776	13,692	13,360	10,893	8,717	7,396
Cost of Goods Sold	17,495	17,242	15,828	16,686	16,414	16,301	15,956	14,199	13,735	12,545	10,956	10,776	8,494	6,788	5,769
Selling, General & Admin Expenses	1,910	1,858	1,819	1,647	1,902	1,889	1,880	1,776	1,853	1,838	1,528	1,403	1,292	1,187	1,005
Depreciation, Depletion & Amortization	1,441	1,337	1,456	1,676	2,529	1,443	1,482	1,431	1,436	1,394	1,209	1,181	1,108	741	621
Depreciation	784	761	831	1,058	1,044	990	948	815	892	906	876	874	808	578	466
Amortization of Intangibles	462	401	450	618	1,485	453	534	616	544	488	332	307	300	164	156
Amortization of Deferred Charges	195	175	175	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1,288	831	654	660	631	1,869	2,096	1,821	1,511	1,115	1,543	1,082	1,529	1,244	1,111
Extraordinary Credit - Pretax	0	0	0	5	0	0	315	0	0	119	0	0	0	0	0
Extraordinary Charge - Pretax	156	0	241	909	754	0	144	148	1,068	48	330	331	0	0	0
Non-Operating Interest Income	182	162	214	104	0	0	35	94	335	80	104	77	59	92	55
Interest Expense On Debt	225	239	241	321	301	258	247	210	150	131	176	153	121	53	40
Other Income/Expense - Net	0	2	53	73	35	86	144	243	29	0	0	0	0	0	0
Pretax Income	1,089	756	439	388	389	1,525	2,199	1,800	658	1,134	1,142	674	1,467	1,284	1,131
Income Taxes	360	257	153	93	137	518	812	657	237	390	411	243	528	462	407
Current Domestic Income Tax	145	113	140	373	59	88	153	466	478	450	276	346	346	312	147
Current Foreign Income Tax	114	226	87	156	106	360	182	168	249	122	60	69	117	168	78
Deferred Domestic Income Tax	37	125	262	26	421	416	437	8	323	191	63	95	45	16	161
Deferred Foreign Income Tax	64	43	188	98	331	170	40	15	168	10	12	77	21	33	21
Net Income Before Extra Items/Preferred Div	729	499	286	295	252	1,007	1,387	1,143	421	743	731	432	939	822	724
Extr Items & Gain(Loss) Sale of Assets	13	29	422	748	1,446	109	24	0	0	0	0	0	0	0	0
Net Income Before Preferred Dividends	716	470	436	453	1,698	1,116	1,363	1,143	421	743	731	432	939	822	724
Net Income to Common Shareholders	729	499	0	0	252	1,007	1,387	1,143	421	743	731	432	939	822	724
EPS Including Extraordinary Items	$1.35	$0.89	$0.28	$0.32	$3.55	$2.28	$2.81	$2.40	$0.85	$1.50	$1.48	$0.89	$0.00	$1.71	$1.51
EPS From Continuing Operations	$1.37	$0.94	$0.54	$0.59	$0.53	$2.06	$2.86	$2.40	$0.85	$1.50	$1.48	$0.89	$1.96	$1.71	$1.51
Dividend Per Share	$0.20	$0.20	$0.20	$0.40	$0.60	$0.60	$0.60	$0.60	$0.60	$0.60	$0.60	$0.60	$0.52	$0.48	$0.40
Common Shares Used to Calculate Diluted EPS (millions)	542.0	529.0	526.0	501.0	479.0	489.0	484.0	476.4	498.0	495.5	493.9	487.2	483.7	481.7	480.9

Source: Thomson ONE access to EDS 10-K filings.

Exhibit 3: EDS Balance Sheet


	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993
Assets
Cash & ST Investments	3,194	3,017	3,220	3,555	2,313	1,890	839	693	729	1,312	1,025	963	639	758	608
Cash	3,139	2,972	1,899	2,102	2,197	1,642	521	393	537	1,039	677	880	549	608	383
Short Term Investments	55	45	1,321	1,453	116	248	318	300	192	273	348	83	90	150	224
Receivables (Net)	3,603	3,647	3,311	3,161	3,101	6,435	5,642	4,837	4,423	3,835	3,737	3,513	3,169	2,148	1,525
Inventories	0	0	0	0	0	0	0	0	0	37	101	142	181	138	131
Other Current Assets	1,648	1,593	1,971	1,955	2,790	1,060	893	637	726	450	307	391	393	311	244
Total Current Assets	8,445	8,257	8,502	8,671	8,204	9,385	7,374	6,167	5,878	5,633	5,169	5,008	4,382	3,354	2,507
Long Term Receivables	73	47	49	51	70	0	0	0	0	0	0	34	90	158	118
Investment In Unconsolidated Subsidiaries	51	72	113	149	166	8	311	227	523	627	472	652	603	357	250
Other Investments	151	142	182	411	253	355	112	354	363	475	644	784	728	714	716
Property Plant & Equipment – Net	2,489	2,179	1,967	2,181	2,818	3,023	3,082	2,474	2,460	2,314	3,141	3,395	3,602	3,171	2,532
Property Plant & Equipment - Gross	7,198	6,564	6,729	7,288	8,320	8,068	7,667	6,790	6,706	7,871	7,905	8,000	7,528	6,314	5,312
Land	60	89	86	118	116	117	115	131	139	136	136	135	137	125	122
Buildings	1,759	1,460	1,599	1,792	1,991	1,854	1,627	1,260	1,232	1,147	1,063	1,007	925	879	815
Machinery & Equipment	0	0	0	0	0	5,460	5,298	4,846	4,775	4,976	4,980	5,202	4,836	3,968	3,159
PP&E - Other	449	429	424	440	600	637	627	553	560	1,612	1,727	1,657	1,630	1,342	1,217
(Less) Accumulated Depreciation	4,709	4,385	4,762	5,107	5,502	5,045	4,585	4,315	4,246	5,556	4,764	4,605	3,926	3,143	2,780
Other Assets	7,829	6,296	5,450	5,415	6,135	6,109	5,474	3,479	3,299	2,477	1,748	1,319	1,395	978	757
Deferred Charges	1,549	899	710	767	1,190	318	234	210	338	475	329	0	0	0	0
Tangible Other Assets	259	283	268	389	242	305	254	237	260	141	144	210	225	122	108
Intangible Other Assets	6,021	5,114	4,472	4,259	4,703	5,486	4,986	3,031	2,701	1,861	1,275	1,109	1,170	856	649
Total Assets	19,038	16,993	16,263	16,878	17,646	18,880	16,353	12,700	12,522	11,526	11,174	11,193	10,799	8,732	6,880
Liabilities
Accounts Payable	605	677	492	472	572	710	462	407	378	330	372	466	604	571	360
ST Debt & Current Portion of LT Debt	168	127	314	658	2,275	1,239	36	13	494	48	110	133	248	203	173
Accrued Payroll	851	815	694	565	800	622	1,318	1,139	1,081	850	662	313	291	196	287
Income Taxes Payable	54	72	208	58	50	386	220	112	93	175	138	128	76	111	202
Other Current Liabilities	3,238	3,543	3,340	3,536	3,873	3,172	2,331	2,648	2,950	2,255	1,976	2,123	2,042	1,791	1,139
Total Current Liabilities	4,916	5,234	5,048	5,289	7,570	6,129	4,367	4,318	4,996	3,657	3,258	3,163	3,261	2,873	2,160
Long Term Debt	3,209	2,965	2,939	3,168	3,488	4,148	4,692	2,586	2,216	1,184	1,791	2,324	1,853	1,021	523
LT Debt Excl Capital Leases	3,209	2,965	2,939	3,168	3,488	4,148	4,692	2,586	2,216	1,184	1,791	2,324	1,853	1,021	523
Non-Convertible Debt	2,519	2,275	2,249	2,478	2,798	1,773	3,910	2,586	2,216	1,184	1,791	2,324	1,853	1,021	523
Convertible Debt	690	690	690	690	690	2,375	782	0	0	0	0	0	0	0	0
Provision for Risks & Charges	989	1,404	1,173	1,132	1,116	1,113	0	0	0	0	0	0	0	0	0
Deferred Taxes	186	961	0	866	970	51	204	129	268	363	475	429	740	660	642
Other Liabilities	245	305	487	531	562	285	0	0	0	0	0	0	0	0	0
Total Liabilities	9,173	8,947	8,673	9,254	11,766	11,726	9,263	7,033	7,480	5,204	5,523	5,917	5,854	4,554	3,325
Shareholders' Equity
Minority Interest	174	150	78	184	166	132	644	354	333	227	166	53	0	0	0
Preferred Stock	0	0	0	0	0	0	0	175	175	179	175	440	0	0	0
Common Equity	9,691	7,896	7,512	7,440	5,714	7,022	6,446	5,139	4,535	5,917	5,309	4,783	4,945	4,178	3,555
Common Stock	5	5	5	5	5	5	5	5	5	5	5	5	518	455	421
Capital Surplus	3,097	2,973	2,682	2,433	917	901	962	949	972	958	856	683	0	0	0
Other Appropriated Reserves	158	684	552	538	359	454	560	238	80	0	0	0	0	0	0
Retained Earnings	6,158	5,630	5,371	5,492	5,812	7,951	7,122	6,042	5,179	5,050	4,602	4,201	4,561	3,873	3,282
Unrealized Foreign Exchange Gain(Loss)	912	502	189	482	226	240	0	0	0	96	153	98	96	89	86
(Less) Treasury Stock	639	530	179	431	889	1,146	1,083	1,619	1,542	0	0	7	33	55	62
Total Shareholders' Equity	9,691	7,896	7,512	7,440	5,714	7,022	6,446	5,314	4,710	6,096	5,484	5,223	4,945	4,178	3,555
Total Liabilities & Shareholders' Equity	19,038	16,993	16,263	16,878	17,646	18,880	16,353	12,700	12,522	11,526	11,174	11,193	10,799	8,732	6,880
Common Shares Outstanding (millions)	509.9	508.5	523.3	515.3	480.6	476.9	477.3	465.3	466.2	493.1	491.6	487.2	483.7	481.7	480.9

Source: Thomson ONE access to EDS 10-K filings.

Exhibit 4: EDS Cash Flow Statement


	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993
Operations
Net Income	729	499	286	0	0	1,007	1,387	1,143	421	743	731	432	939	822	724
Depreciation, Depletion & Amortization	1,441	1,337	1,456	0	2,529	1,443	1,482	1,431	1,436	1,394	1,209	1,181	1,108	741	621
Depreciation & Depletion	784	761	831	0	0	990	948	815	892	906	876	874	808	578	466
Amortization of Intangible Assets	657	576	625	0	1,485	453	534	616	544	488	332	307	300	164	156
Deferred Income Taxes & Investment Tax Credit	0	0	0	0	0	0	0	0	0	0	0	0	0	22	50
Other Cash Flow	224	214	260	0	(37)	142	(175)	(44)	20	31	391	632	92	31	0
Funds From Operations	2,394	2,050	2,002	1,853	2,226	2,592	2,694	2,530	1,876	2,168	2,331	2,244	2,139	1,616	1,395
Funds From/For Other Operating Activities	(353)	(117)	(706)	(535)	(840)	(346)	(972)	(972)	186	(81)	(140)	(693)	(880)	(125)	(0)
Decrease/(Increase) In Receivables	327	51	(310)	-	440	(679)	(882)	(411)	21	(129)	(210)	(374)	(839)	(534)	(256)
Decrease/(Increase) In Inventories	0	0	0	-	-	0	0	0	-	-	48	(8)	(42)	(2)	(16)
Increase/(Decrease) In Accounts Payable	(95)	312	(207)	-	31	56	(481)	(305)	368	181	263	274	(76)	483	22
Increase/(Decrease) In Income Taxes Payable	206	(234)	(347)	-	(475)	283	-	(38)	(276)	(111)	33	(250)	56	(94)	139
Decrease/(Increase) In Other Assets/Liabilities	(791)	(246)	158	-	(836)	(6)	391	(218)	73	(22)	(275)	(334)	21	22	110
Net Cash Flow – Operating Activities	2,041	1,933	1,296	1,318	1,386	2,246	1,722	1,559	2,062	2,088	2,190	1,552	1,259	1,491	1,395
Investing
Capital Expenditures (Addition to Fixed Assets)	(725)	(729)	(718)	(666)	(703)	(973)	(1,285)	(768)	(685)	(980)	(902)	(1,266)	(1,354)	(1,218)	(918)
Additions To Other Assets	(378)	(427)	(300)	(302)	(494)	(367)	(294)	(601)	(114)	0	0	0	0	0	0
Net Assets From Acquisitions	(461)	(361)	(552)	(78)	(11)	(107)	(2,089)	(202)	(1,722)	(108)	(180)	(47)	(235)	(187)	(122)
Increase In Investments	(4)	(1,608)	(1,338)	(3,078)	(1,111)	(195)	(259)	(142)	(270)	(561)	(635)	(324)	(457)	(770)	(605)
Decrease In Investments	120	3,008	1,904	3,298	1,348	277	295	320	690	406	346	264	251	689	596
Disposal of Fixed Assets	28	49	178	0	224	301	26	0	0	0	0	0	0	0	0
Other Use/(Source) – Investing	(34)	(35)	(29)	(28)	(25)	(67)	(18)	(145)	(227)	(466)	(123)	(102)	(13)	0	0
Net Cash Flow – Investing	(1,386)	(33)	(797)	(798)	(700)	(997)	(3,588)	(1,247)	(1,874)	(779)	(1,248)	(1,271)	(1,782)	(1,486)	(1,050)
Financing
Net Proceeds From Sale/Issue of Com & Pref	155	285	107	274	47	89	417	97	162	104	630	490	26	34	55
Com/Pfd Purchased	(391)	(667)	(0)	(0)	(0)	(380)	(0)	(332)	(1,836)	(93)	(688)	(0)	(0)	(0)	(0)
Long Term Borrowings	13	0	5	6	1,869	461	3,211	44,511	30,366	7,255	8,377	11,239	7,467	690	92
Reduction In Long Term Debt	(192)	(357)	(709)	(728)	(1,432)	(171)	(425)	(44,350)	(28,956)	(7,912)	(9,155)	(10,871)	(6,776)	(197)	(221)
Increase/(Decrease) In Short Term Borrowings	0	0	0	0	(235)	147	(700)	0	0	0	0	0	0	(103)	(99)
Cash Dividends Paid 0 Total	(102)	(104)	(105)	(200)	(287)	(287)	(283)	(280)	(291)	(295)	(294)	(291)	(251)	(231)	(192)
Other Source (Use) – Financing	13	9	21	(15)	(33)	(25)	(156)	2	0	0	0	(500)	0	1	(5)
Net Cash Flow – Financing	(504)	(834)	(681)	(663)	(71)	(166)	2,064	(352)	(554)	(941)	(1,130)	66	465	194	(370)
Effect of Exchange Rate On Cash	16	7	21	48	60	38	70	73	135	6	15	16	2	26	14
Increase/(Decrease) In Cash & Short Term Investments	167	1,073	203	95	555	1,121	128	114	502	361	203	331	59	225	39

Note: EDS restated its 2003 and 2004 net income figures due to miscalculations arising from the NMCI contract, executive bonus payments, and improperly recognized revenue.

Source: Thomson ONE access to EDS 10-K filings.

Exhibit 5: EDS Stock Price Performance

Exhibit 6: GM Contract's Drag on Revenue Growth


Year	Estimated Base Rev. Growth (%)	Estimated GM Rev. Growth a (%)	GM Drag on Base Growth b (%)
1998	20	–11	–8.8
1999	17	–7	–5.4
2000	15	–7	–4.2
2001	15	–3	–2.8
2002	15	–2	–2.3
2003	15	–2	–2.0
2004	15	–2	–1.8
2005	15	–1	–1.5

a. Assumes master service agreement revenues do not grow and EDS loses all revenues bid out under the MSA and that revenues are lost mid-year, on average.

b. Difference between base growth and total growth.

Source: Salomon Smith Barney Research Note, June 16, 1998.

Exhibit 7: EDS's Lagging BPO Penetration—Revenue by Service Category, 1997

Source: Salomon Smith Barney Research Note, June 16, 1998.

Exhibit 8: Stock Price Performance under Dick Brown with Mega-Deal Announcements

Source: Yahoo Finance.

Exhibit 9: EDS Divestitures under Jordan


Asset Sold	Year Closed	Amount ($ in millions)
UGS PLM Solutions	2004	2,005
Consumer Network Services	2004	323
Credit Union Industry Group	2004	218
Automotive Retail Group	2004	85
US Wireless Clearing Business	2004	58
Technology Solutions/Subscription Fulfillment	2004	6
Soft Solutions	2004	1
European Wireless Clearing Business	2005	93
A.T. Kearney	2006	52
Total (all cash)		2,841

Source: EDS 10-K, 2006.

Exhibit 10: Rebound in New Contract Signings under Jordan ($ in billions)

Source: CSFB Equity Research Note, September 17, 2005.

Exhibit 11: EDS Company Timeline

This case was prepared for inclusion in SAGE Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

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  Shein, J. B., Frazzano, R., & Meagher, E., (2010). A tale of two turnarounds at EDS: The Jordan rules. In Sage Business Cases. SAGE Publications, Ltd., https://doi.org/10.4135/9781473969926
  
  Shein, James B., Rebecca Frazzano, and Evan Meagher."A Tale of Two Turnarounds at EDS: The Jordan Rules." In Sage Business Cases. London: Sage Publications Ltd., 2023. https://doi.org/10.4135/9781473969926.
  
  Shein, J. B., Frazzano, R. and Meagher, E., 2010. A Tale of Two Turnarounds at EDS: The Jordan Rules. London: Sage Publications, Inc. Available at: <https://doi.org/10.4135/9781473969926> [Accessed 23 Sep 2023].
  
  Shein, James B., et al. "A Tale of Two Turnarounds at EDS: The Jordan Rules". Sage Business Cases. London: SAGE Publications, Inc., 2023. 23 Sep 2023, doi: https://doi.org/10.4135/9781473969926.
  
  Shein, James B., Rebecca FrazzanoEvan Meagher. A Tale of Two Turnarounds at EDS: The Jordan Rules Sage Business Cases. London: 2010. doi:10.4135/9781473969926. Accessed September 23, 2023.
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