Doing What Matters
When the hard-nosed Harold Geneen was driving the growth of ITT in its heyday in the 1960s and '70s from a $760 million company to a $17 billion conglomerate, his management philosophy was blunt: "In business, words are words, explanations are explanations, promises are promises, but only performance is reality.
When Jim Kilts showed up at Gillette in 2001, the first outsider to run the Boston-based company in more than 70 years, he found a business with great brands losing market share. Its acquisitions of Duracell and Braun were not delivering. Sales and earnings were flat, the company had missed its earnings estimates for 15 straight quarters, the stock had plummeted, and Wall Street had lost patience. Yet two-thirds of the top managers were getting top ratings. People were being rewarded for effort; performance, under Mr. Kilts regime, became the new measure.
As he recounts in "Doing What Matters," Mr. Kilts was fortunate to have a wise board that included Warren Buffett......
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