Word: nevin
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Dates: during 1980-1989
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Since 1900 the names Akron and Firestone have gone together like a matched set of steel-belted radials. Back then, Harvey Firestone chose the Ohio city as home for what is now the nation's No. 2 tiremaker. But Firestone Chairman John Nevin is treading on tradition with his plan to move the head office to Chicago later this year. Nevin's explanation: the Windy City is a financial, retailing and transportation hub. It is also near Winnetka, Ill., where Nevin's family lives in a house he visits monthly...
...slashed its payroll from 107,000 workers to 55,000. Yet the tiremaker's financial comeback remains around the corner. During fiscal 1986, which ended in October, Firestone posted $3.5 billion in sales but managed to earn only $3 million from its continuing operations. The company's chairman, John Nevin, admits that restructuring has ( an element of trial and error. Says he: "Have we done some things wrong? You bet your life...
...When Nevin arrived at the company in late 1979 from the chairman's job at Zenith, Akron-based Firestone was reeling under more than $1 billion in debt and an image problem in its most basic business. The company had been forced to recall some 9 million of its 500-model steel-belted radial tires because of alleged widespread defects. Nevin's strategy was to return Firestone's focus to tiremaking by spinning off distracting subsidiaries. He sold eleven businesses that manufactured dozens of items, from seat belts to beer kegs. Such products now constitute only 9% of the company...
...third since 1979, and its position in the worldwide business has fallen from No. 2 to No. 3. Firestone can only hope that as the first to slim down, it may also be the first to enjoy fully the benefits of greater efficiency and lower costs. Says Nevin: "The pruning we've done is pretty severe, but this company is beginning to grow again...
Though the rest of the script is occasionally stilted, leaving all the adults somewhat caricatured, the generally fine acting overshadows minor flaws Robyn Nevin, in particular, is a strong willed and loving Lila, who will not let her family be destroyed by poverty or by Vanessa...