Charan1406

Biography

Ram Charan is a highly acclaimed business advisor, speaker, and author who has coached some of the world's most successful CEOs. For 35 years, he's worked behind the scenes at companies like GE, Bank of America, DuPont, Home Depot, 3M, and Verizon.
His influential books include "Execution" and "Confronting Reality," written with former Honeywell CEO Larry Bossidy. His other books include "Boards That Deliver," "What the CEO Wants You to Know," and "Profitable Growth Is Everyone's Business." Charan also tailors his books for specific client companies such as Gateway and Ford. He's also written for Harvard Business Review, Fortune, Time, Information Week, Director's Monthly, The Corporate Board, and USA Today.
Charan started his business career as a teenager working in his family's shoe shop in India. He went on to earn an engineering degree and then an MBA and doctorate in corporate governance from Harvard Business School. He then served on the Harvard Business School faculty.
Charan had taught for 30 consecutive years at GE's Crotonville Institute, where he received their Bell Ringer award for best teacher, and also won the Best Teacher Award at Northwestern.
Charan is a director of Austin Industries and chairman of its compensation committee, as well as a director of the Six Sigma Academy. He was elected a Fellow of the National Academy of Human Resources in 2000 and named a Distinguished Fellow in 2005. He served as a co-host for the Fortune Forum on Corporate Governance and on the National Association of Corporate Directors' Blue Ribbon Commission on Corporate Governance.

Summary

The article “The New Rules for getting the right things done in difficult times” by Ram Charan speaks about how Dupont’s CEO, Chad Holliday realised the importance of the world crisis and the measures he to took to deal with it.
At first, Chad Holliday didn’t think the world crisis would affect them so much however, the situation got worse than expected and so he decided to take action. Even at the headquarters of Dupont situated in Willmington the financial crisis was obvious, bookings in the hotel Dupont owned where down 30% in ten days as well as the car paint production they have.
The first measure of the plan consisted on a meeting with all the Dupont’s senior managers. At the end of the meeting they realised what they had to do with the financial situation and they let two senior members show the employees how the crisis would affect the company. Overall the employees seemed to understand what it was happening and they were encouraged to get involved on order to cut costs. The aim of the action was to converse cash as much as possible so many internal meetings and contractors were eliminated. Even though the plan was taking place people didn’t realised the urgency of the situation.
Finally, Holliday decided to spend one hour and a half with each of the company’s leaders and ask them how they were going to be able to deal with the crisis. The final conclusion and the fasted way to the save the most cash was to cut back as much as possible over the 20,000 outside contractors the company had hired which took place within six weeks. Although Holliday knew much more had to be done he isn’t neither afraid nor paralysed with the future changes.

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