Maxims of Corporate Management - Best of Helmut Maucher´s Speeches, Essays and Interviews
E-Book, Deutsch, 351 Seiten
ISBN: 978-3-593-42189-6
Verlag: Campus
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)
Weitere Infos & Material
Contents
Preface by Farsam Farschtschian 9
Part 1
Introduction by Fredmund Malik
Good management - Good Food, Good Life 15
Secrets in Helmut Maucher's management 18
Against the mainstream, and therefore more successful 24
Encounters 25
Dynamic and growth with successful acquisitions 27
CEO, Board of Directors and right governance 30
People and corporate culture 33
An unusual person with unusual working methods 37
No great words, but fine distinctions 38
Commonsense, pragmatism and wisdom 39
Part 2
From Helmut Maucher's Speeches, Publications and Interviews
Editorial note 44
Corporate Policy, Corporate Managment and Organization Policy45
Walking a fine line 45
The fine art of managing a company 47
"I don't yearn for simple solutions but I do see many things more simply" 55
Corporate managment in a global economy - Thoughts on future leadership
requirements and requisite leadership attributes 64
Human Resources and Management Policy 74
Challenges for future corporate leaders 74
"Courage is needed" 84
"Don't do anything that cannot appear in the press tomorrow" 92
Sustainability and Value Orientation 99
Are morals worthwhile in business? The importance of morals
for long-term sustainable success 99
Value orientation as an important constituent of modern corporate
management - Experiences in managing an international corporation 107
"Backbone is required" 113
"Our generation had more staying power" 116
Research and Innovation 122
The significance of research and innovation for long-term competitiveness
in Europe 122
The significance of innovation and research for the future development
of the food industry 126
Acquisitions 132
Growth through takeovers, acquisitions, co-operation, joint ventures
and mergers - The practical experience of prominent business leaders 132
"The frosty winds of change" 136
"Some players are conquering the markets" 139
Interview with Helmut Maucher about his highly successful acquisition
policy at Nestlé 149
Marketing, Advertising and Communication 160
Fast moving consumer goods: current and future aspect of marketing 160
Product and branding policy between effective positioning and dilution 175
Credibility and communication as elements of modern corporate
and brand policy 183
Cultivating simplicity 188
The Economy, Politics and Society 190
Is Rhineland capitalism sustainable and viable for the future? 190
Visions and innovations as an important factor of success
in the progressive globalization of the food industry 196
The social responsibility of companies in the age of globalization 205
The proper degree of moderation 207
Economic opportunities for Upper Swabia in the world of today 218
Remain true to yourselves! 226
Education for the future - Thoughts of an entrepreneur 233
Part 3
Discussion between Helmut Maucher and Fredmund Malik
Thoughts on Management and the Economy
Introduction to the Discussion 241
Corporate Governance, Organizational Structure and Strategy 243
Shareholder value and management 243
The importance of long-term corporate governance 252
A strong CEO in power - and alternatives 258
Effective management of Board meetings 267
CEO and Chairman - One and the same person 271
Effective Management and Daily Management Routine 275
The importance of education and training and the selection of employees 275
Important literature and authors 278
Discussion on working methods and effectiveness 279
The importance of PR and media work 287
Management style, motivation and applied leadership 290
Measures to foster innovation 296
Human resources policy 303
Politics, Business and Society 305
Part 4
Helmut Maucher's Thoughts on the Future and Recommendations
for Improving our Democratic Constitutions
Some comments on future developments 309
Proposals for democratic constitutions 311
General thoughts and remarks to start with 311
Creating and increasing the efficiency of democratic societies 311
More proposals for improving democratic constitutions 314
Concluding Remarks 317
Part 5
Epilogue
Management - Doing the Right Thing in the Right Way 321
Part 6
Appendix
Earlier Key Statements made by Helmut Maucher 325
Collection of Helmut Maucher's Aphorisms and Thoughts 328
Collection of aphorisms 328
Helmut Maucher's own aphorisms and thoughts 331
Biographies 336
Helmut Maucher 336
Fredmund Malik 338
Farsam Farschtschian 340
Literature 342
Interviews with Helmut Maucher 342
Speeches, publications and essays by Helmut Maucher 343
Literature by Fredmund Malik 346
Literature by Farsam Farschtschian 347
Index 348
1;Content;6
2;Preface by Farsam Farschtschian;10
3;Part 1: Introduction by Fredmund Malik;14
3.1;Good Management – Good Food, Good Life;16
3.1.1;Secrets in Helmut Maucher’s management;19
3.1.2;Against the mainstream, and therefore more successful ;25
3.1.3;Encounters;26
3.1.4;Dynamic and growth with successful acquisitions;28
3.1.5;CEO, Board of Directors and right Governance;31
3.1.6;People and corporate culture;34
3.1.7;An unusual person with unusual working methods, too;38
3.1.8;No great words, but fine distinctions;39
3.1.9;Commonsense, pragmatism and wisdom;40
4;Part 2: From Helmut Maucher’s Speeches, Publications and Interviews;44
4.1;Editorial Note;45
4.2;Corporate Policy, Corporate Management and Organization Policy;46
4.2.1;Walking a fine line;46
4.2.2;The fine art of managing a company;48
4.2.3;»I don’t yearn for simple solutions but I do see things more simply«;56
4.2.4;Corporate management in a global economy – Thoughts on future leadership requirements and requisite ;65
4.3;Human Resources and Management Policy;75
4.3.1;Challenges for future corporate management;75
4.3.2;»Courage is needed«;85
4.3.3;»Don’t do anything that can’t appear in the press tomorrow«;93
4.4;Sustainability and Value Orientation;100
4.4.1;Are morals worthwhile in business? The importance of morals for sustainable success;100
4.4.2;Value orientation as an important constituent of modern corporate management;108
4.4.3;»Backbone is required«;114
4.4.4;»Our generation had more staying power«;117
4.5;Research and Innovation;123
4.5.1;The significance of research and innovation for long-term European competitiveness;123
4.5.2;The significance of innovation and research for the future development of the food industry ;127
4.6;Acquisitions;133
4.6.1;Growth through takeovers, acquisitions, co-operation, joint ventures and mergers – The practical experience of prominent captains of industry;133
4.6.2;»The frosty winds of change«;137
4.6.3;»Some players are conquering the markets«;140
4.6.4;Interview with Helmut Maucher about his highly successful acquisition policy at Nestlé;150
4.7;Marketing, Advertising and Communication;161
4.7.1;Fast moving consumer goods: current and future aspects;161
4.7.2;Product and branding policy between image and dilution;176
4.7.3;Credibility and communication as elements of modern corporate and branding policy;184
4.7.4;Cultivating simplicity;189
4.8;The Economy, Politics and Society;191
4.8.1;Is Rhineland capitalism sustainable?;191
4.8.2;Visions and innovations as a major factor of success in the progressive globalization of the food industry;197
4.8.3;The social responsibility of companies in the age of globalization;206
4.8.4;The proper degree of moderation;208
4.8.5;Economic opportunities for Upper Swabia in the world of today;219
4.8.6;Remain true to yourselves!;227
4.8.7;Education for the future – Thoughts of an entrepreneur;234
5;Part 3: Discussion between Helmut Maucher and Fredmund Malik – Thoughts on Management and the Econom;240
5.1;Introduction to the discussion;242
5.2;Corporate Governance, Business Organization and Strategy;244
5.2.1;Shareholder value and corporate management;244
5.2.2;The importance of long-term corporate governance;253
5.2.3;Effective management by Board meetings;268
5.2.4;CEO and Chairman – One and the same person;272
5.3;Effective Management and Daily Management Routine;276
5.3.1;Management style, motivation and applied leadership;291
5.4;Politics, business and society;306
6;Part 4: Helmut Maucher’s Thoughts on the Future and Proposals for Improving;308
6.1;Some remarks on future developments;310
6.2;Proposals for democratic constitutions;312
6.2.1;General thoughts and remarks to start with;312
6.2.2;Creating and increasing the efficiency of democratic societies;312
6.2.3;More proposals for improving democratic constitutions ;315
6.3;Concluding remarks;318
7;Part 5: Epilogue;320
7.1;Management – Doing the Right Thing in the Right Way;322
8;Part 6: Appendix;324
8.1;Earlier Key Statements made by Helmut Maucher ;326
8.2;Collection of Helmut Maucher’s Aphorisms and Thoughts ;329
8.2.1;Collection of aphorisms;329
8.2.2;Helmut Maucher’s own aphorisms and thoughts;332
8.3;Biographies;337
8.3.1;Dr. h. c. Helmut Oswald Maucher, born in Eisenharz (Allgäu), Germany on December 9, 1927 ;337
8.3.2;Prof. Dr. oec. Fredmund Malik, born in Lustenau (Vorarlberg), Austria on September 1, 1944;339
8.3.3;Dr. oec. Farsam Farschtschian, born in St. Gallen, Switzerland on May 28, 1976 ;341
8.4;Literature;343
8.4.1;Interviews with Helmut Maucher;343
8.4.2;Speeches, publications and essays by Helmut Maucher;344
8.4.3;Literature by Fredmund Malik (Selection);347
8.4.4;Literature by Farsam Farschtschian;348
8.5;Index;349
Contents
Preface by Farsam Farschtschian 9
Part 1
Introduction by Fredmund Malik
Good management - Good Food, Good Life 15
Secrets in Helmut Maucher's management 18
Against the mainstream, and therefore more successful 24
Encounters 25
Dynamic and growth with successful acquisitions 27
CEO, Board of Directors and right governance 30
People and corporate culture 33
An unusual person with unusual working methods 37
No great words, but fine distinctions 38
Commonsense, pragmatism and wisdom 39
Part 2
From Helmut Maucher's Speeches, Publications and Interviews
Editorial note 44
Corporate Policy, Corporate Managment and Organization Policy45
Walking a fine line 45
The fine art of managing a company 47
"I don't yearn for simple solutions but I do see many things more simply" 55
Corporate managment in a global economy - Thoughts on future leadership
requirements and requisite leadership attributes 64
Human Resources and Management Policy 74
Challenges for future corporate leaders 74
"Courage is needed" 84
"Don't do anything that cannot appear in the press tomorrow" 92
Sustainability and Value Orientation 99
Are morals worthwhile in business? The importance of morals
for long-term sustainable success 99
Value orientation as an important constituent of modern corporate
management - Experiences in managing an international corporation 107
"Backbone is required" 113
"Our generation had more staying power" 116
Research and Innovation 122
The significance of research and innovation for long-term competitiveness
in Europe 122
The significance of innovation and research for the future development
of the food industry 126
Acquisitions 132
Growth through takeovers, acquisitions, co-operation, joint ventures
and mergers - The practical experience of prominent business leaders 132
"The frosty winds of change" 136
"Some players are conquering the markets" 139
Interview with Helmut Maucher about his highly successful acquisition
policy at Nestlé 149
Marketing, Advertising and Communication 160
Fast moving consumer goods: current and future aspect of marketing 160
Product and branding policy between effective positioning and dilution 175
Credibility and communication as elements of modern corporate
and brand policy 183
Cultivating simplicity 188
The Economy, Politics and Society 190
Is Rhineland capitalism sustainable and viable for the future? 190
Visions and innovations as an important factor of success
in the progressive globalization of the food industry 196
The social responsibility of companies in the age of globalization 205
The proper degree of moderation 207
Economic opportunities for Upper Swabia in the world of today 218
Remain true to yourselves! 226
Education for the future - Thoughts of an entrepreneur 233
Part 3
Discussion between Helmut Maucher and Fredmund Malik
Thoughts on Management and the Economy
Introduction to the Discussion 241
Corporate Governance, Organizational Structure and Strategy 243
Shareholder value and management 243
The importance of long-term corporate governance 252
A strong CEO in power - and alternatives 258
Effective management of Board meetings 267
CEO and Chairman - One and the same person 271
Effective Management and Daily Management Routine 275
The importance of education and training and the selection of employees 275
Important literature and authors 278
Discussion on working methods and effectiveness 279
The importance of PR and media work 287
Management style, motivation and applied leadership 290
Measures to foster innovation 296
Human resources policy 303
Politics, Business and Society 305
Part 4
Helmut Maucher's Thoughts on the Future and Recommendations
for Improving our Democratic Constitutions
Some comments on future developments 309
Proposals for democratic constitutions 311
General thoughts and remarks to start with 311
Cre
Good Management -
Good Food, Good Life
Global company Nestlé and the name of Helmut Maucher are inextricably linked together. Within only two decades Helmut Maucher, with breathtaking dynamism, made Nestlé into the largest and greatest food company in the world and at the same time into one of the few truly global corporations.
Under Maucher's management Nestlé's sales tripled and in fact it would have risen even more but for negative currency effects. The stock market price, ex dividend, increased more than 15 times compared to when Maucher took over. He developed promising new product lines which proved to be successful, acquired and successfully integrated a total of 250 companies, effected some of the largest acquisitions ever and opened up a great number of new markets all around the globe. Even more significant is the fact that not only was Maucher highly successful in managing this huge expansion but that in doing so - as is generally acknowledged - he did not make any mistakes.
All this was made possible by the exemplary management which Helmut Maucher established at Nestlé. Good Food, Good Life is the company's motto and Maucher's Good Management made Nestlé what it is today.
Today, management continues to be misunderstood what frequently has dangerous results. For example, it is often primarily seen as a means of becoming rich, famous and powerful. Then there is the misunderstanding, that companies are first and foremost machines for maximizing profits. Indeed, companies can always be abused if one is so inclined, but in that case management and the economy cannot be seen as responsible and sustainable.
I regard management in the following way: management is the profession for ensuring proper functioning. So, it is management that enables social organizations to function or fails to do so and therefore, management is one of the key functions of modern society. Managers are the very people who practice management as seen in this way - as a profession at the various levels of the organization.
Consequently, almost entirely everything that is most precious to us as members of modern societies and that makes life in them also worth living - from economic prosperity to a high level of education and from health, science and research, and the strength of innovation and creativity and finally to the quality of life - depends on the competence and quality of management.
Thus management is the social function that enables everything else to function. It is also the function that transforms economic and social resources into results and value for society.
In order to achieve this, management has to be carried out in the right way and it has to be done well. It has to be right and good management. Much of what is termed management up and down the country fails, to a large degree, to meet both these requirements or complies very badly with them. The prevalent understanding of management is a minefield of errors and false doctrines. That was why the crises which threaten our affluence today were able to arise, crises which were and are largely due to wrong and bad management.
Consequently, with Nestlé and Helmut Maucher's unique management performance as examples, this book is intended to show what right and good, and even excellent management is in practice and what this can achieve. It was for that very reason that I recommended that Helmut Maucher should publish his speeches and writings as a collection, should place them in the context of the significant challenges facing us today and in the future, and thus provide present and future generations of managers with a universally valid navigation aid.
The book presents Helmut Maucher's management philosophy and management practice in his original texts, placed, within the framework of this introduction, in the context of my own management theory. It illustrates why Maucher's management is right and why this enabled him in his position as Nestlé's CEO to be so successful for so many years.
Helmut Maucher's management performance, which is exceptional in many respects, is to become apparent to readers far beyond those with only an immediate interest in this subject matter. Moreover, the book is to demonstrate what it was about his person in the many decades of his career right to the highest position in Nestlé that distinguished him from other top managers.
Maucher's approach not only stands for an extraordinary management performance in the past but - which for today is more important - as a template for a new future of socially responsible, right and good management. This is of the utmost importance because the economy and society are in the midst of one of the greatest transformations there has ever been. For some time I have been calling this the "Great Transformation 21", which means the global change of the 21st century. In a sense it is comparable with the change from an agricultural to an industrial society about 200 years ago but it is much larger and more profound due to its staggering proportions.
It is no exaggeration if this transformation is seen as the transition to a new world parts of which can already be seen quite clearly whereas others are still unknown and where much will be radically new and revolutionary. The current crises can be understood far better, above and beyond mere economy, as the birth pangs of this new world. The "Great Transformation 21" is already confronting the structures of every society, and first and foremost their organizations and their management with enormous challenges.
At this time, over and above revolutionary technologies, right management, as can be seen so clearly in Maucher's success at Nestlé, will be the key to a peaceful, organic and human change. The power of right management today is founded and manifoldly reinforced by innovative change management tools and completely new methods for mastering enormously complex and dynamic challenges.
This book affords a unique insight into the thoughts and work of one of the most successful business leaders ever. It shows how with his management, governance and leadership Maucher transformed Nestlé, which at that time lagged considerably behind its competitors, into the largest and most successful food company in the world within a period of only two decades. Moreover, he also saw to it that the company remained successful and dynamic after he stepped down from office upon reaching retirement age and that it was able to build considerably on his success.
Helmut Maucher became the Delegate (CEO) of the Board of Directors in 1981 when he assumed overall management of Nestlé. This was the first time that a non-Swiss national became head of the largest company in Switzerland; in many respects this was a novelty, the full significance of which can only be assessed by those with a profound knowledge of Switzerland. In 1981, Nestlé generated a turnover of around CHF 28 billion, made a net profit of just under CHF 1 billion and had 146,000 employees. As of 1990, Maucher was both Delegate and Chairman of the Board of Directors until 1997. Peter Brabeck-Lethmate with an excellent team of top managers succeeded him as Delegate in 1997. Helmut Maucher continued in his position as Chairman of the Board of Directors until 2000, when he was succeeded by Rainer E. Gut, a long-standing member and Vice-Chairman of the Nestlé Board. Helmut Maucher has been Honorary Chairman since then.
When Helmut Maucher stepped down from his position of Chairman at the annual general meeting in 2000, turnover for the business year 1999 amounted to almost CHF 75 billion; net profit was almost CHF 5 billion and the company had a good 230,000 employees.
Maucher's successors took over the helm with great vigor and continued the success of the company without any further ado. In the business year 2011, Nestlé generated a turnover of around CHF 84 billion, a net profit of almost CHF 10 billion and had 328,000 employees. The company has around 500 factories in more than 80 countries and with almost 100 international brands is present in almost every country in the world.
We may also ascribe some of this continuing success to Helmut Maucher himself on two counts: firstly, some of the conditions necessary for the lasting business success were created early in the period when he was running the company; in particular these included the strategic expansion of the product portfolio and of the company's presence geographically. Unlike those managers who aim primarily at maximizing the annual results, Maucher possessed the rare courage of rejecting the reporting of short-term results in order to make the company all the stronger in the long term. Maucher's guiding principle for this was notion of the "healthy company", which goes beyond short-term or even mere financial results.
Secondly he had successors, especially the new CEO, Peter Brabeck-Lethmate, and his former long-standing members of staff and pupils, who, for many years, had been effectively prepared under his direction to succeed him. As a result they even acquired the ability to surpass their predecessor when changed circumstances and opportunities made this necessary. One of the noblest achievements of successful leadership is having pupils who become even better than their master.
Good Management - Good Food, Good Life Global company Nestlé and the name of Helmut Maucher are inextricably linked together. Within only two decades Helmut Maucher, with breathtaking dynamism, made Nestlé into the largest and greatest food company in the world and at the same time into one of the few truly global corporations. Under Maucher's management Nestlé's sales tripled and in fact it would have risen even more but for negative currency effects. The stock market price, ex dividend, increased more than 15 times compared to when Maucher took over. He developed promising new product lines which proved to be successful, acquired and successfully integrated a total of 250 companies, effected some of the largest acquisitions ever and opened up a great number of new markets all around the globe. Even more significant is the fact that not only was Maucher highly successful in managing this huge expansion but that in doing so - as is generally acknowledged - he did not make any mistakes. All this was made possible by the exemplary management which Helmut Maucher established at Nestlé. Good Food, Good Life is the company's motto and Maucher's Good Management made Nestlé what it is today. Today, management continues to be misunderstood what frequently has dangerous results. For example, it is often primarily seen as a means of becoming rich, famous and powerful. Then there is the misunderstanding, that companies are first and foremost machines for maximizing profits. Indeed, companies can always be abused if one is so inclined, but in that case management and the economy cannot be seen as responsible and sustainable. I regard management in the following way: management is the profession for ensuring proper functioning. So, it is management that enables social organizations to function or fails to do so and therefore, management is one of the key functions of modern society. Managers are the very people who practice management as seen in this way - as a profession at the various levels of the organization. Consequently, almost entirely everything that is most precious to us as members of modern societies and that makes life in them also worth living - from economic prosperity to a high level of education and from health, science and research, and the strength of innovation and creativity and finally to the quality of life - depends on the competence and quality of management. Thus management is the social function that enables everything else to function. It is also the function that transforms economic and social resources into results and value for society. In order to achieve this, management has to be carried out in the right way and it has to be done well. It has to be right and good management. Much of what is termed management up and down the country fails, to a large degree, to meet both these requirements or complies very badly with them. The prevalent understanding of management is a minefield of errors and false doctrines. That was why the crises which threaten our affluence today were able to arise, crises which were and are largely due to wrong and bad management. Consequently, with Nestlé and Helmut Maucher's unique management performance as examples, this book is intended to show what right and good, and even excellent management is in practice and what this can achieve. It was for that very reason that I recommended that Helmut Maucher should publish his speeches and writings as a collection, should place them in the context of the significant challenges facing us today and in the future, and thus provide present and future generations of managers with a universally valid navigation aid. The book presents Helmut Maucher's management philosophy and management practice in his original texts, placed, within the framework of this introduction, in the context of my own management theory. It illustrates why Maucher's management is right and why this enabled him in his position as Nestlé's CEO to be so successful for so many years. Helmut Maucher's management performance, which is exceptional in many respects, is to become apparent to readers far beyond those with only an immediate interest in this subject matter. Moreover, the book is to demonstrate what it was about his person in the many decades of his career right to the highest position in Nestlé that distinguished him from other top managers. Maucher's approach not only stands for an extraordinary management performance in the past but - which for today is more important - as a template for a new future of socially responsible, right and good management. This is of the utmost importance because the economy and society are in the midst of one of the greatest transformations there has ever been. For some time I have been calling this the 'Great Transformation 21', which means the global change of the 21st century. In a sense it is comparable with the change from an agricultural to an industrial society about 200 years ago but it is much larger and more profound due to its staggering proportions. It is no exaggeration if this transformation is seen as the transition to a new world parts of which can already be seen quite clearly whereas others are still unknown and where much will be radically new and revolutionary. The current crises can be understood far better, above and beyond mere economy, as the birth pangs of this new world. The 'Great Transformation 21' is already confronting the structures of every society, and first and foremost their organizations and their management with enormous challenges. At this time, over and above revolutionary technologies, right management, as can be seen so clearly in Maucher's success at Nestlé, will be the key to a peaceful, organic and human change. The power of right management today is founded and manifoldly reinforced by innovative change management tools and completely new methods for mastering enormously complex and dynamic challenges. This book affords a unique insight into the thoughts and work of one of the most successful business leaders ever. It shows how with his management, governance and leadership Maucher transformed Nestlé, which at that time lagged considerably behind its competitors, into the largest and most successful food company in the world within a period of only two decades. Moreover, he also saw to it that the company remained successful and dynamic after he stepped down from office upon reaching retirement age and that it was able to build considerably on his success. Helmut Maucher became the Delegate (CEO) of the Board of Directors in 1981 when he assumed overall management of Nestlé. This was the first time that a non-Swiss national became head of the largest company in Switzerland; in many respects this was a novelty, the full significance of which can only be assessed by those with a profound knowledge of Switzerland. In 1981, Nestlé generated a turnover of around CHF 28 billion, made a net profit of just under CHF 1 billion and had 146,000 employees. As of 1990, Maucher was both Delegate and Chairman of the Board of Directors until 1997. Peter Brabeck-Lethmate with an excellent team of top managers succeeded him as Delegate in 1997. Helmut Maucher continued in his position as Chairman of the Board of Directors until 2000, when he was succeeded by Rainer E. Gut, a long-standing member and Vice-Chairman of the Nestlé Board. Helmut Maucher has been Honorary Chairman since then. When Helmut Maucher stepped down from his position of Chairman at the annual general meeting in 2000, turnover for the business year 1999 amounted to almost CHF 75 billion; net profit was almost CHF 5 billion and the company had a good 230,000 employees. Maucher's successors took over the helm with great vigor and continued the success of the company without any further ado. In the business year 2011, Nestlé generated a turnover of around CHF 84 billion, a net profit of almost CHF 10 billion and had 328,000 employees. The company has around 500 factories in more than 80 countries and with almost 100 international brands is present in almost every country in the world. We may also ascribe some of this continuing success to Helmut Maucher himself on two counts: firstly, some of the conditions necessary for the lasting business success were created early in the period when he was running the company; in particular these included the strategic expansion of the product portfolio and of the company's presence geographically. Unlike those managers who aim primarily at maximizing the annual results, Maucher possessed the rare courage of rejecting the reporting of short-term results in order to make the company all the stronger in the long term. Maucher's guiding principle for this was notion of the 'healthy company', which goes beyond short-term or even mere financial results. Secondly he had successors, especially the new CEO, Peter Brabeck-Lethmate, and his former long-standing members of staff and pupils, who, for many years, had been effectively prepared under his direction to succeed him. As a result they even acquired the ability to surpass their predecessor when changed circumstances and opportunities made this necessary. One of the noblest achievements of successful leadership is having pupils who become even better than their master.
