Cain Mutinies Against Corporate Greed, Redefines Roles Of Management, CEOs And Boards
"Revolutionary" is not the term that immediately comes to mind in connection with Gordon Cain. He was raised during the Great Depression, served as a decorated commander in World War II and became a millionaire entrepreneur after age 70.
But revolutionary describes him best in the business world; a revolutionary with a golden touch who turned more than a hundred managers into millionaires and enriched thousands of employees while making more than $100 million himself. In addition, he did it with instruments considered by some to be tools of the devil: leveraged buyouts and junk bonds. In his hands, they became tools for the good with employee stock ownership and significant profit sharing for all.
He shares his knowledge and vision in "Everybody Wins! A Life in Free Enterprise," (Chemical Heritage Press, $24.95). Proceeds from the new book, the first in a series, "Innovation and Entrepreneurship," by the Chemical Heritage Foundation, will go towards the foundation.
Here are some of his tips towards a "healthier" corporation:
The book is available at bookstores, through the Chemical Heritage Society (215-924-2178, ext. 222) or by calling toll-free 888-224-6006. (NAPSI)
- Redefine the role of a manager. A manager's job is not to manipulate people but to convince them that it is in their best interest to achieve a particular result. In a free society, people should do something either because their moral code requires it or because it is in their best interest to do it.
- Include everyone in the process. If the workers help formulate the solution, they are more likely to make it work than if the solution is imposed. The concept of a team rather than a hierarchy is in keeping with our American character and experience.
- The "Imperial CEO" needs to become extinct. A CEO is often selected based upon his or her ability to conform and cultivate the board, rather than for future-thinking and leadership skills. A CEO's job should not be to get things done, but to decide what to do, when to expand, how much and what kind of research to do.
- Give the company back to the stockholders. Directors should be held responsible for the company's success. Board members are now chosen not by stockholders, but because they are friends of the CEO or some member of the current board or because they have recently held a high-profile public position.
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