Article at a glance:

Leading change: An interview with the executive chairman of Telefónica de España

• In this interview, Julio Linares discusses why program design was a key element of Telefónica de España’s recent turnaround.
• The company developed three core transformation themes and then rolled them out in a series of 'waves,' or annual cycles.
• When undergoing a transformation, Linares says it is important to involve as many people as possible from the outset, since success ultimately depends on their engagement and commitment.
• Constant reinvigoration is important to overcome change fatigue, cultivate new skill sets, and inject new energy into the program.