The article argues that conglomerates must overhaul their management playbooks as inefficiencies stem from leadership rather than market forces
Executive summary: Expansion published an editorial arguing that it may be time to rewrite the manual for conglomerates, asserting that managerial inefficiencies—not market conditions—are the primary source of underperformance. The claim highlights a growing pressure on diversified firms to improve internal governance and operational efficiency to remain competitive.
Who is involved: Conglomerate executives, senior managers, and investors, with implicit reference to Spanish groups such as Acciona.
Likely next: Expect increased scrutiny of conglomerate boards, potential leadership changes, and a wave of internal efficiency programs or divestitures.
The piece suggests that traditional conglomerate models are outdated, pointing to managerial shortcomings as the root cause of underperformance. It cites examples of diversified groups struggling to allocate capital effectively amid rapid technological change. The analysis calls for a redesign of internal governance, performance metrics, and incentive structures to align with market realities. No specific data are presented, but the argument echoes ongoing debates about corporate restructuring in Europe and beyond.
Timeline
- — Quizá haya llegado el momento de reescribir el manual de los conglomerados (Expansión)
- — Acciona compra el 80% de la constructora estadounidense Vertical Earth (Expansión)
- — Blue Origin negocia una ronda que le otorga un valor de 130.000 millones de dólares (Expansión)
Analysis — what this means
Likely next events
- Acciona aims to close the Vertical Earth acquisition before 31 December 2026
- Blue Origin expects to finalize its new funding round in Q4 2026 to support its $130 billion valuation target
Sectors affected
- construction
- aerospace/space
Historical parallels
- General Electric’s restructuring under Jack Welch in the early 1980s, which divested unrelated businesses to focus on core industrial units
- Siemens’ 2020 spin‑off of its health‑inequality unit to streamline its conglomerate structure