Re: Sam Walton on management

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Posted by Snuffalupagus on April 02, 2000 at 18:14:16:

In Reply to: Re: Sam Walton on management posted by Bob on April 02, 2000 at 15:22:52:

But, Wal-Mart sucks. It is the basement bottom of retail. What exactly does this have to do with anything Bob ? Sorry, I'm not worshipping Wal-Mart. If I want to turn out cheap and low cost junk I will but not for now.

: Sol Price, Founder of Fed-Mart (1955) and Price Club (1976):

: "Sam ... is notorious for looking at what everybody else does, taking the best of it, and then making it better." Sam Walton: Made in America, Page 241.

: Harry Cunningham, Founder of K-Mart:

: "Sam's establishment of the Walton culture throughout the company was the key to the whole thing. It's just incomparable. He is the greatest businessman of this century." Page 199.

: Roberto C. Goizeuta, Chairman and CEO, the Coca-Cola Company:

: "Sam Walton understands better than anyone else that no business can exist without customers. He lives by his credo, which is to make the customer the centerpiece of all his efforts. And in the process of serving Wal-Mart's customers to perfection, ... he also serves Wal-Mart's associates, its share holders, its communities, and the rest of its stakeholders in an extraordinary fashion -- almost without parallel in American business." Page 220.

: Presidential Medal of Freedom, the nation's highest civilian award, given to Sam Walton March 17, 1991:

: "An American original, Sam Walton embodies the entrepreneurial spirit and epitomizes the American dream. Concern for his employees, a commitment to his community, and a desire to make a difference have been the hallmarks of his career. ... A devoted family man, business leader, and statesman for democracy, Sam Walton demonstrates the virtues of faith, hope and hard work. America honors this captain of commerce, as successful in life as in business." Page 331.

: Sam Walton, founder of Wal-Mart, the largest retailer in the world:

: "Recently, I don't think there's any doubt that a lot of American management has bent over too far toward taking care of itself first, and worrying about everybody else later. The Japanese are right on this point: You can't create a team spirit when the situation is so one-sided, when management gets so much and workers get so little of the pie. Some of thse salaries I see out there are completely out of line, and everybody knows it. It's obvious that most companies would be much better served by basing managers' pay on the performance of the company or return on investiment to the shareholders or some yardstick which clearly takes into account how well they're doing their job. And the formula has to make sure that profits are divided fairly among workers, management, and stockholders, according to their contributions and risks. At Wal-Mart, we've always paid our executives less than industry standards, sometimes maybe too much less. But we've always rewarded them with stock bonuses and other incentives related directly to the performance of the company. It's no coincidence that the company has done really well, and so have they."

: Sam Walton. Sam Walton: Made in America, Bantam edition, June 1993, page 323.

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