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This is the first of a two-case series (398-080-1 and 398-081-1). This case considers the spectacular transformation of British Airways under the joint leadership of Lord King and Sir Colin Marshall. After a massive downsizing effort, they managed to revitalise service levels, image and revenues through a combination of structural change, massive training, IT investment and innovative branding. In the 1990s, cost cutting and strategic alliances became the new priorities to exploit the post-deregulation marketplace. The case illustrates how successful corporate transformation requires the pursuit of multi-faceted initiatives (content) as well as attention to sequencing (process). It highlights how incoming leaders establish credibility, how they build a case for painful change, provide a vision, launch the change process and sustain its momentum. The case also highlights the leader''s visibility as a key part of driving the change.