We published the article article, "The CEO's Role in Business Model Reinvention," in January-February 2011 Harvard Business Review. The article urged forward-looking CEOs to manage reinvention with a "three-box approach": manage the present (box 1), selectively forget the past (box 2), and create the future (box 3). Leaders need to operate in all three boxes simultaneously. That's easier said than done, for the CEO must not only balance resources across the three boxes but also know what to destroy and what to create.

Brian Goldner, the CEO of Hasbro, Inc., was the chief architect of Hasbro's turnaround strategy in 2000, which focused on leveraging the company's core brands, reducing costs, and lessening its reliance on its licensed business. To do this, he relied and continues to rely on the three-box approach. In this edited conversation with HBR, Govindarajan and Goldner talk about how executives can implement the approach: http://hbr.org/hbrg-main/resources/pdfs/extras/transforming-your-organization-with-the-three-box-approach.pdf