This essays focuses on analysing the culture of an organization that has been through a privatization process. It analyses the impact of this culture in the organizational performance. To reach this goal a thorough research was conducted involving a case study. Embratel, Empresa Brasileira de Telecomunicação, went through a privatization process and it was used as the focus of this study. The conclusion of this study shows the importance of the culture management in order to achieve new corporate goals, showing the most important variables in the process, as well as the way to align them to the new strategies in order to improve performance.