Say, Evile, is this one of those evil Jews you keep frothing at the mouth about?
Wish we could get more. He looks pretty good compared to, say, Ken Lay or Martha Stewart.
reputation-mgmt.com
Case Study: Malden Mills
They Call Their Boss A Hero
By Michael Ryan
When a massive fire nearly destroyed the Malden Mills manufacturing plan
in Northern Massachusetts, 3000 employees were certain they'd be out of
work. Their CEO astonished them.
...
Feuerstein announced that he would keep all of his 3000 employees on the
payroll for a month while he started rebuilding the 90-year-old family business.
In January, he announced he would pay them for a second month. In February,
he said he would pay them for a third month.
"When he did it the first time, I was surprised," said factory worker Bill Cotter.
"The second time was a shock. The third ... well, it was unrealistic to think he
would do it again." Nancy Cotter finished her husband's thought: "It was the
third time that brought tears to everyone's eyes."
...
That chance cost Feuerstein several million dollars. "Another person would
have taken the insurance money and walked away," said Bob Fawcett, the
security director. "I might have done that. But he's not that type of person."
...
When I visited the mill, I asked Feuerstein, 70, what set him apart from other
CEOs. "The fundamental difference is that I consider our workers an asset,
not an expense," he told me. Indeed, he believes his job goes beyond just
making money for shareholders, even though the only shareholders of Malden
Mills are Feuerstein and his family.
"I have a responsibility to the worker, both blue-collar and white-collar,"
Feuerstein added, his voice taking an edge of steely conviction. "I have an
equal responsibility to the community. It would have been unconscionable to
put 3000 people on the streets and deliver a death blow to the cities of
Lawrence and Mathuen. Maybe on paper our company is worth less to Wall
Street, but I can tell you it's worth more. We're doing fine."
...
I was not surprised, in a day of walking around the plant, to learn about the
heart-bypass operations Feuerstein had arranged for several workers or about
the free soft drinks and breaks he offers employees when the summer heat
drives temperatures to more than 90 degrees on the manufacturing lines.
...
Like scores of other textile manufacturers, the company went through hard
times in 1970s and '80s.... "He [Feuerstein] went heavy into research and
development, and that's where Polartecâ and Polartecâ came from."
These two synthetic fabrics, produced exclusively by Malden Mills, are used in
outdoor wear by upscale clothing manufacturers like Patagonia and L.L. Bean.
...
Over the years, the company's profits rose steadily.
"The quality of our product is paramount," said Feuerstein, "and it's the
employee who makes that quality. If the quality slips, the employee is in a
position to destroy your profit."
...
"Before the fire, that plant produced 130,000 yards a week," Feuerstein said.
"A few weeks after the fire, it was up to 230,000 yards. Out people became
very creative. They were willing to work 25 hours a day." |
