Charan1010

RAM CHARAN:
Short biography:
Ram Charan is an expert in business, he’s been working as a business advisor and speaker for a lot of senior CEOs, and also he has written books and taught.
He began to work in a shoe shop in a little town in India where he grew up, and then he graduated in engineering and worked in Australia and Hawaii. When he finally discovered his natural talent for business, he got a MBA and a doctorate in Harvard, where he later sent some time as part of the business school faculty.
Dr. Charan is well known for giving a good and accurate advice that takes in consideration what the business actually needs. He has won numerous awards, and actually resides in Dallas TX.

HOW THE CEO OF DuPONT REACTED TO THE CURRENT ECONOMIC CRISIS?

Chad holliday, CEO of DuPont, first realized the actual magnitude of the economic crisis when he was doing business with a major client and CEO of one of the largest Japanese companies in its sector. The CEO was very concerned with his cash reserves, and that argument gave Holliday the final push he needed to see how bad it actually was.
As soon as he arrived in the US, he got his six top leaders together, to analyze the situation with them.
They came to the conclusion that the crisis had the potential to be much larger than it was and was causing a chain of fright followed by a situation in which banks would release less money, forcing companies to function on their own monetary reserves.
They also noticed the crisis in the town the company is based in, Wilmington, where there were always corporate lawsuits; a hotel owned by DuPont has suffered a noticeable decrease in reservations, because companies now try to make agreements to save on legal fees. The economic downturn was also noticed by the company in the automobile sector where DuPont produces paint for vehicles.
DuPont had a plan to take place in case of economic uncertainty which was to unite all senior managers and decide measures to be taken. Holliday was in charge of making such a hard decision that if activated could produce fear for the more than 60000 employees, and he did.
The manager’s board soon decided that the crisis was only financial and began to take action. First the company’s chief economist and the head of its pension fund by order of holliday began to explain to all employees the origins and magnitude of the economic downturn, in an easy language. Then after a very large number of reunions, every single DuPont employee had a personal meeting with a manager to see what he could do to reduce costs, and to evaluate how well the staff understood the nature of the crisis.
Immediately after, DuPont had a three-member team in charge of working out longer term actions.
The company reduced very noticeably the amount of outside contractors.
DuPont’s initial actions took place in less than six weeks, the company still has much to do, but has already taken the first step, they way it should have. Chad Holliday proved to be the man to count on, as he stood up to the challenge and made the right decisions, at the right time.

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