Some disillusion pervades much of the research on leadership in turnaround contexts with Castrogiovanni, Baliga and Kidwell arguing that the 'research on performance turnaround following CEO change has been limited and inconclusive' (1992: 27). More importantly most research on corporate turnaround offers results that are inconclusive and of little assistance to turnaround managers (Winn, 1993). Significantly, Kanter (2003) argues that it is these turnaround situations where leadership matters most. This paper reviews the turnaround and leadership literatures and highlights two gaps: firstly there is no reference, theorising and empirical research regarding the role of a newly appointed leader in a turnaround context; and secondly, the issue of the timing of this new leadership has not been the focus of much theoretical debate or empirical investigation. Using a longitudinal nested case study design, this paper examines the triggers for change and the timing, actions, strategising role and key management styles of a newly appointed leader in Dairygold Co-op.