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. only crew'
? Exceeded Clean Air Act requirement with ?ethically correct' machines built to incinerate 98% of the toxic solvents from the staining of wood
Herman Miller Case Study
BUSINESS FROM THE OTHER STAKEHOLDER'S PERSPECTIVE
? Herman Miller profits over $40 million in the 1980's
? First loss recorded in 1992 of $3.5 million
? By 1995, a $1 million company, yet profits down to $4.3 million
? Major competitor "Hon Industries" reports steady profit increases
? Net income as percent of revenue declined steadily to .4% in 1995
? Hon Industries percent of revenues two to three times better in 90's
? Decline in market of office furniture ? basic shift in demand / technology
? Stock unchanged from 1985 to 1995
? Increased competition from Office Depot and Office Max
CHANGES MADE
? J Kermit Campbell name first ?outsider' CEO in 1992
? Max DePree retires and Campbell takes chairman position in 1995
? "survival more important than preserving reputation of pristine employee relations"
? Quick and severe changes made
o Top executives fired
? CFO
? head of workplace systems division
o additional discharges and forced early retirements
o closing of several showrooms
o Texas and New Jersey plants closed
? Two months later, new chief executive named, Michael Volkema
o Young, driven, charismatic and effective in cost-cutting
o Volkema was from within Herman Miller ranks
? From 1990 Meridian acquisition
? By end of 2000 sales almost doubled to $1...
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