|
The Turnaround Kid: What I Learned Rescuing America's Most Troubled Companies | 
 enlarge | Author: Steve Miller
Publisher: Collins
Category: Book
List Price: $25.95
Buy New: $12.94
You Save: $13.01 (50%)
New (24) Used (2) from $12.94
Avg. Customer Rating:  3 reviews
Sales Rank: 4404
Media: Hardcover
Number Of Items: 1
Pages: 272
Shipping Weight (lbs): 1
Dimensions (in): 9.1 x 5.9 x 1.1
ISBN: 0061251275
Dewey Decimal Number: 338.76292092
EAN: 9780061251276
ASIN: 0061251275
Publication Date: April 1, 2008
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
Condition: Brand New. Delivery is usually 5 - 8 working days from order, International is by Royal Mail Airmail
|
| Also Available In:
|
| Similar Items:
|
| Editorial Reviews:
Product Description
For the past thirty years, Steve Miller has done the messy, unpleasant work of salvaging America's lost companies with such success that the Wall Street Journal has dubbed him "U.S. Industry's Mr. Fix It." From his very first crisis assignment as point man for Lee Iaccoca's rescue team at Chrysler, Miller built an international reputation while fixing major problems in such varied industries as steel, construction, and health care. Most recently, as chairman and CEO of the bankrupt automotive parts manufacturer Delphi Corporation, he has confronted head-on the major issues threatening the survival of Detroit's Big Three. A battle is being fought in the heart of industrial America—or what is left of it—Miller observes. In the auto industry as well as every manufacturing corporation, management and labor are at loggerheads over wages and the skyrocketing costs of employee benefits. The way out of this battle is often painful and Miller is deeply aware of the high price individual workers and many communities have had to pay as a result. In this frank and unsparing memoir, Miller reveals a rarely seen side of American management. Miller recounts the inside story of the many turnaround jobs that have led to his renown as Mr. Fix It. But he also paints an intimate picture of his relationship with Maggie Miller, his wife of forty years, with whom Miller shares the credit for his success. Described by Miller as "my mentor and tormentor," Maggie served as his most trusted adviser and kept him focused on what truly matters until her death from brain cancer in 2006. A deeply moving personal story and timely snapshot of the state of American manufacturing and what it will take to restore it to profitability, The Turnaround Kid is Steve Miller's fascinating look at his education as an American executive.
|
| Customer Reviews:
 A Man Who Loves Challenges May 6, 2008
2 out of 2 found this review helpful
This is a thoroughly enjoyable autobiography of Steve Miller, a rising Ford executive who became the go to guy for companies in crisis over more than two decades. At Chrysler, the Detroit Symphony Orchestra, Olympia & York, Morrison Knudsen, Federal Mogul, Waste Management, Reliance Group Holdings, Bethlehem Steel, Aetna and Delphi, he parachuted into companies on the brink of failure and tried to come up with the best solution. Sometimes the outcome is a roaring success, other times he has to settle for the best of a series of unpleasant choices, and other times he is ineffective.
This book is more Miller's autobiography than a how-to guide to fixing broken companies. The book is only 230 pages long and each company's situation is only covered at a high level. Miller's strength as a businessman is his ability to take a fresh, hard look at the companies, face up to the cold reality and work with all parties to come up with the best possible solution. His book has many on the same strengths; he offers what appears to be an honest (sometimes brutally so) assessment of his own successes and failures, as well as those of the other parties in the drama.
What emerges is the story of a leader who enjoys the excitement of trying to solve complex problems while trying, and succeeding, to do the right thing for his family and the people and companies that depend on him.
 Lacks a Structured Approach! April 25, 2008
3 out of 6 found this review helpful
Steve Miller is credited with turnaround a number of companies in different industries. "The Turnaround Kid" purports to present important lessons learned in the process.
Unfortunately, Mr. Miller fails to present either a structured generalized approach to improving stressed companies, or a specific "how-I-done-it" for the firms involved. This severely limits the value of the book.
Two other major problems: 1)Miller's frequent diversion into memorializing his first (deceased) wife, and 2)The embarrassing fact that the book was published prior to completing the Delphi auto parts turnaround - his supposed greatest accomplishment. (Worse yet for Miller, "The Turnaround Kid" also contains derogatory remarks about the UAW's head (Delphi's labor union) and G.M. (Delphi's major customer). And then there's the problem of Waste Management's falling back after Miller left as CEO, and Federal-Mogul's descent into bankruptcy despite bringing Miller back. (Federal-Mogul's bankruptcy was caused by a late 1998 acquisition of T&L PLC and associated asbestos liabilities. Miller was a Director, starting in 1993, and recruited the errant CEO. Then, when brought back, Miller made the FATAL error of turning down a settlement offer.)
Readers also learn of Miller's stumbling over giving large raises to Delphi executives while asking workers to sacrifice as much as 60% of their pay and benefits (Iaccoca's example at Chrysler should have taught Miller better), his failure to improve the O&Y real estate empire, and the ease of improving the Detroit Symphony - merge with the group controlling the 1919 Orchestra Hall, and get donations from large companies.
Miller's basic approach is to use bankruptcy laws to shed debt, and reverse years of a corporate welfare approach to labor that is no longer tenable under today's globalization. Wages, health care and pension benefits, work rules, and job classifications are all substantially reduced. Ergo, if standards of living are to have any hope of preservation, government must step in to provide health care, and workers must take greater responsibility for their own retirement (eg. defined contribution plans replacing defined benefit plans).
Miller's emphasis on reducing costs is sensible. However, it's long-term success is questionable given that Chinese workers earn about $2/hour, vs. a range of $14 to $18.50 at Delphi, down from much higher prior levels.
One of the great business autobiographies April 15, 2008
11 out of 12 found this review helpful
I suspect most people will buy this book for Miller's inside stories of salvaging (or attempting to salvage) value from failed companies from Chysler to Delco. They'll get their money's worth, there are concise, well-written accounts of the projects, including information that had not been previously reported.
Aside from the business, Miller has opened up about some aspects of his life more deeply than most business autobiographers. In particular, his complex and unusual relationship to his wife Maggie (who dies in the book, Miller has since remarried) is described in sharply-etched stories that will leave readers puzzling long after the book is finished.
There is also plenty of grist for Millerphiles and Millerphobes. You can see the career arc from the guy who wouldn't even mention the word "bankruptcy" at Chrysler in the late 1970s, to the guy who used bankruptcy like a rapier in the 1990s and 2000s (including becoming the poster child for rich retention agreements as he filed for Delco just before a legal change that would have restricted such "golden handcuff" payments). His fresh openness with the press was a major asset at Chrysler, by the end of the book he is refusing to comment to the press at all. Either Miller got tougher or the world did. But like him or hate him, I think he was the only person in Detroit with honesty and credibility to make everyone face some harsh reality, and he deserves a good share of the credit for the positive steps in management/labor relations of the past couple of years. If you want to hate him anyway, you can hate him for appearing to enjoy himself while forcing painful adjustments on everyone.
However, the best reason to read this book is something I never expected to find. I've always wondered why anyone with alternatives even bothered with these distressed companies. You'd think shareholders would sell, managers and workers would find better places to work, customers would take their business elsewhere; and let the opportunists fight the hopeless for any remaining crumbs. Miller has an appreciation for corporate greatness. He starts each account with the former glories of the company, not just in terms of outside accomplishments, but how many people gave it their working lives, and were rewarded with financial security and genuine pride. This is not a guy working only for shareholders or creditors or management (and certainly not only for workers or customers). This is a guy who expects all those groups to sacrifice so corporate greatness can be restored. Right or wrong, he's not a liquidator or union-buster or deadbeat, he tries to be a turnaround kid.
|
|
|
Powered by Associate-O-Matic
| |
