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French CEO Edouard Michelin is no revolutionary, but he is fomenting unprecedented change at his family's eponymous tire company. Long known for its paternalistic, authoritarian and secretive management style, the 113-year-old firm has become much more open since the 39-year-old scion's ascension to the top job in 1999. Even the Guide Rouge, which awards the coveted Michelin stars, held its first-ever press conference earlier this year under the leadership of its new English (!) boss. Edouard has also broken with tradition to ease relations with media, markets and shareholders, and this week he will...
During the company's annual meeting, Michelin will reveal the results of an inaugural flotation of 1.3 million shares to employees. Due partly to incentives like discounts and 0% loans, the offering is expected to be massively oversubscribed. The meeting also marks the retirement of Edouard's father, 75-year-old patriarch François Michelin, who took the helm in 1957. With his focus on technological innovation - the company invented the radial tire - and almost cultish devotion to the customer, he transformed Michelin from the world's 10th-ranked tiremaker into the second-largest producer, after Goodyear. Edouard realizes...
Edouard trained as an engineer and served for two years as an officer aboard a nuclear submarine before he joined Michelin in 1989. Like all company executives, he spent six months on an assembly line before becoming part of the management team. In 1991, following Michelin's acquisition of the American tire company Uniroyal-Goodrich, he was named ceo of Michelin's U.S. unit. He returned to the company's Clermont-Ferrand headquarters in 1993 to prepare for the succession. Just months later Edouard faced media and political ire when, on the same day Michelin revealed a quarterly profit increase...
With its ballooned-out arms and legs, it looks like moon gear for the Michelin Man, but this 1,100-lb. diving suit is strictly for deep-sea adventures. Unlike standard diving equipment, which can't take you much deeper than 1,000 ft., the Atmospheric Diving System by Oceanworks International stabilizes air pressure around the body so that divers working as deep as 2,000 ft. below sea level feel as if they're still on the beach. Powered by twin thrusters mounted on either side of the oxygen tank, the suit lets you steer in any direction, using...
...Losers WILLIAM SHAKESPEARE Busted! Pipes found in the Bard's home reveal traces of cocaine. Doobie, or not doobie? ALAIN DUCASSE We thought the tuna melt was fine. Michelin guide dethrones French gastronomic king ABDURRAHMAN WAHID Indonesian Prez goes on pilgrimage while Borneo burns. Too tragic for a quip Verbatim...