Charan_1323

BIOGRAPHY:

Ram Charan was born in India and he started working at the small shoe shop of his family. Later he moved to Australia looking for a better life and after to Hawaii. There he realized his talent for finance and began studying at Harvard, where he won multiple awards.

Nowadays, Ram Charan is one of the best financial consultants in the world, and many high executives from leading companies ask him to solve their problems. Also, he writes books, like the best seller "Execution: The Discipline of Getting Things Done and Confronting Reality", and articles in newspapers such as "Financial Times" or "Strategy and Business". Ram Charan is also a renowned teacher, which led him to win several awards also for his way of teaching.

SUMMARY:

Turning back from his trip to Japan, where the CEO of a large company warned of the first signs of crisis, Chad Holliday, DuPont's CEO, decided to bring together the most important directors of the company and ask for which would to be the consequences of the economic crisis. Then they realized the serious losses that would suffer, both DuPont and other companies, because credits were disappearing. In the case of DuPont, the first symptoms were down by 30% of its hotel bookings in just 10 days and to complete the short time in which they usually painted cars should join other companies.

It was time to take action and Holliday thought about put into practice its crisis plan, which had seldom been used. The problem was that to declare a crisis could alarm the 60,000 employee company, which could make things worse. Finally he decided to implement the plan because the economic malaise of the company was increasing.

Holliday held a reunion in which they conclude that it was only a financial crisis. In four days they had already obtained solutions and knew what they should do. They took a strange decision, which was that during the 10 days following the reunion every employee of DuPont met with some of the managers and they should give their view of the crisis, and also give your opinion on the three aspects that company could reduce costs and increase profits.

But despite that the employees did what they were asked, the crisis continued growing, and the main problem was that the crisis was increasing faster than the coming solutions. So Holliday was forced to cut costs in order not to have more problems at short and long term and stop hiring 20000 workers from outside the company.

After all this live, DuPont will be ready when another crisis comes, because Holliday has shown great leadership and is able to tame the most complicated situations.

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