This work proposes to analyse the speech of the CEO of Telemar, Manoel Horacio Francisco da Silva, in three interviews held in 1999 and 2000 about the organizational chance processes due to the company privatization. It uses the cognitive maps method. The present paper is divided into six parts: the first one, presents the Social Cognition, introducing the concept of Cognitive Maps. The second part reinforces this last concept and describes its typologies, pointing out that the Cognitive Maps were used as a tool to make easy the understanding of the concepts that guide the CEO throught his actions. The third part introduces the organizational change process and how it has been seen in the present Organizational Studies. The fourth, traces the contemporary reality of the telecommunications Industry. In the fifth part, a drawing of the cognitive map proposed is presented as well as an interpretation of it. Finally, in the sixth and last part, the work final considerations are presented.