A seminal study of executives in transition found that they plan and implement change in distinct waves, as illustrated in figure 5-1.2 Following an early period of focused learning, these leaders begin an early wave of changes. The pace then slows to allow consolidation and deeper learning about the organization, and to allow people to catch their breath. Armed with more insight, these executives then implement deeper waves of change. A final, less extreme wave focuses on fine-tuning to maximize performance. By this point, most of these leaders are ready to move on.