Unforeseen environmental shocks, such as the Covid-19 pandemic, often throw organizations into disarray and chaos. Although some organizations can successfully navigate these crises by implementing effective coping strategies, others need more knowledge on crisis management. This paper proposes strategic renewal for multinational enterprises (MNEs) facing such challenges and emphasizes the importance of developing knowledge acquisition, exploitation capabilities, and ambidextrous leadership. Based on an integrative literature review and adopting a pragmatist paradigm approach, we present a multivariate process map for strategic renewal during crises. This can be a valuable tool for MNE practitioners to prepare for future crises preemptively.