Aaron Feuerstein Essay - 1886 Words

Aaron Feuerstein In this paper I will discuss Aaron Feuerstein, the third-generation president and CEO of Malden Mills Industries, Inc., who leads the Lawrence, Massachusetts business with his father’s and grandfather’s values: kindness, justice and charity. He does this through his charismatic leadership and vision, which binds his employees together into realizing and achieving the same goal. I will show exactly what makes him a leader in the modern business setting and explain why a leader’s vision is important in defining a true innovator, effective manager and charismatic leader. Feuerstein and Malden Mills had a history of taking care of its employees. Workers’ salaries average $12.50 an hour compared with the textile†¦show more content†¦In return, employees will feel useful and are placed in a position to self-actualize or attain ones potential. When Feuerstein was asked what sets him apart from other CEOs, he responded: The fundamental difference is that I consider our workers an asset. Not an expense. I have a responsibility to the worker, both blue-collar and white-collar, I have an equal responsibility to the community. It would have been unconscionable to put 3000 people on the streets and deliver a deathblow to the cities of Lawrence and Methuen. Maybe on paper our company is worthless to Wall Street, but I can tell you its worth more. Were doing fine. Other CEOs feel Im sort of a stupid guy who doesnt know what to do with his excess money, he says. â€Å"The quality of Polartec is what Im selling. By treating the people the way Id want them to treat me, they make that quality. When you do the right thing, youl1 probably end up more profitable than if you did wrong. Feuerstein did not throw his money away. It was a well reasoned and sound leadership decision to invest millions in Malden Mills’ most critical asset, its workers. The contrast between this Feuerstein and the currently celebrated CEOs making 30, 60 or 100 million dollars a year by eliminating jobs and moving plants is simply astounding. How much are you willing to wager that every company that closed a plant in recent years to boostShow MoreRelatedAaron Feuerstein-a Socially Responsible Owner1655 Words   |  7 PagesCase-1 Aaron Feuerstein-A Socially Responsible Owner The evening of December 11, 1995, was a special time for Aaron Feuerstein, CEO of Malden Mills. A small surprise 70th birthday party quietly was held in his honor at a local Boston restaurant. But Feuerstein’s life took a dramatic turn that evening for a different reason: A boiler at his company’s plant exploded, setting off a fire that injured 33employees and destroyed three of the factory’s century-old buildings. Malden Mills was a privatelyRead MoreMalden Mills Ethical Question2174 Words   |  9 PagesWilliam M. Grissett Business ethics WK 4 Research paper Malden Mills Ethical question June 25, 2009 Aaron Feuerstein greeted the brisk New England morning of December 11th, 1995 with unusual optimism, especially for a man almost seventy years old. After all Malden Mills was the last of the New England garment factories, and a century old family business besides! Known as the leading innovator, producer, and marketer of branded, high quality performance textiles for the outdoor productsRead MoreBusiness Ethics Case of Malden Mills Essay2321 Words   |  10 Pagesthese words began a saga that has made Aaron Feuerstein a legend among American leaders and a hero to his employees, (Boulay, Art). Central Facts about the case In the 1980’s Malden Mills had gone bankrupt when the market for the fake fur, (which they produced), dried up. Conversely, Mill’s continued its production of upholstery fabric and developed a new fleece product, Poalartec, and made a very successful recovery, (DeGeorge, Richard). Aaron Feuerstein was the third generation owner and CEORead MoreThe Issue Of Illegal Music Downloading1525 Words   |  7 Pages1995 fire at Malden Mills and Aaron Feuerstein’s response to illustrate how positive leadership approaches were shown. The owner of Malden Mills was Aaron Feuerstein and it was located in Lawrence, Massachusetts. Malden Mills was a huge successful textile company. In early December 1995, due to the plant exploded mostly the company was destroyed and people lost their jobs overnight. It caused 36 injuries and 8 in serious injuries. In that chaotic moment, â€Å"Aaron Feuerstein made an immediate commitmentRead MoreMalden Mills Company: Strategy Analysis2155 W ords   |  9 PagesMalden Mills Company is faced with different problems since it was built. Aaron Feuerstein, the CEO of Malden Mills Company has experienced different problems, but because of his intense decision making and enough skills in management, he is able to take some risk so that his company gains competitive advantage in different states. The major problems experienced include; bankruptcy, fire, and rebuilding of the company. Feuerstein realized that, public defeat was not a usual experience to him given thatRead MoreManager Employee Relationships And Chapter 11914 Words   |  4 Pagesatmosphere. To begin with, chapter 8 discusses important aspects of the relationship between a manager and their worker. The way a manager should associate with their worker is something that has been debated for a long time. CEO of Malden Hills, Aaron Feuerstein has been highly criticized yet applaud for the way he treated his workers after his manufacturing plant burned down putting around three-thousand employees out of work. If he wanted to he could have moved on elsewhere and re-upped his lossesRead MoreLeader Ship vs Management1148 Words   |  5 Pages* Mental Models * Shared Vision * Team Learning 1995 – Ethics On December 11, 1995 a fire burned most of Malden Mills to the ground and put 3,000 people out of work. Most of the 3,000 thought they were out of work permanently. CEO Aaron Feuerstein says, â€Å"This is not the end† — he spent millions keeping all 3,000 employees on the payroll with full benefits for 3 months until he could get another factory up and running. Why? He answers, â€Å"The fundamental difference is that I consider ourRead MoreThe Pillars Of Good Corporate Governance Framework2439 Words   |  10 Pages later classified as an industrial accident, destroyed three main manufacturing buildings and threatened to put 3,000 employees in a small manufacturing town out of work. Aaron Feuerstein, CEO and owner, responded swiftly and was able to successfully resolve the crisis, despite the significant damage to his business. Feuerstein received widespread critical acclaim for his post-crisis response, duty of care and sense of accountability toward his employees and the community. In examining Feuerstein’sRead MoreAssignment On Car Sales Platform7454 Words   |  30 Pagesillustrate, we have the following example: DECLARE names VARCHAR2(60) := Anna,Matt,Joe,Nathan,Andrew,Aaron,Jeff ; We will try to programmatically determine if the text string above is a list where elements are separated by †,†. We can do this by using the REGEXP_LIKE function, which detects the presence of a pattern in a string. DECLARE names VARCHAR2(60) := Anna,Matt,Joe,Nathan,Andrew,Jeff,Aaron ; names_adjusted VARCHAR2(61); comma_delimited BOOLEAN; BEGIN --Look for the pattern comma_delimitedRead MoreEssay on Employee Morale After Downsizing6305 Words   |  26 Pagespart of that (Kuzlowski, Chao, Smith, amp; Hedlund, 1993). It shows the firms overall strategic position and how downsizing will help this (Kuzlowski, Chao, Smith, amp; Hedlund, 1993). The chief executive officer over Malden Mill Industries, Aaron Feuerstein, has downsized virtually continually, and has not harmed the morale of his workforce at all (Kuzlowski, Chao, Smith, amp; Hedlund, 1993). He is greatly in favor of downsizing, and much of this is a result of various technological advances or