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What's even more important to the success of employee-owned companies, says Jack Stack, 53, CEO of Springfield Remanufacturing in Springfield, Mo., is openness of information and decision making. Springfield Remanufacturing started in 1983 when 13 supervisors took on heavy debt to buy a division of International Harvester that rebuilt big-vehicle engines. Stack argued that the company's only chance was for every worker to have a stake in its success and understand its finances...

Author: /time Magazine | Title: Management: We're All the Boss | 4/8/2002 | See Source »

Employees got shares of stock worth a dime apiece. And every week Stack held "huddles" in which everyone from top managers to janitors pored over financial data. Those who couldn't read the data got training. That helped them make day-to-day decisions such as whether a mechanic should repair an engine's connecting rod or install a new one. He could compare his wage, $26 an hour, with the cost of a new rod, $45, and determine that it was worth repairing the old one only if he could do it in 90 minutes or less...

Author: /time Magazine | Title: Management: We're All the Boss | 4/8/2002 | See Source »

...Stack's firm, each worker at Gore enjoys broad discretion to make minor decisions. Bigger ones--hiring and firing, setting compensation--are made by committees whose members constantly shift with the demands of the business. Anyone can start a new project simply by persuading enough people to go along with the idea. Even Bob Gore, 64, chairman and son of the founders, has his compensation set by a committee...

Author: /time Magazine | Title: Management: We're All the Boss | 4/8/2002 | See Source »

...behind his vote. The New York Times reports that Charles Schumer admitted that Pickering was “a decent and honorable man and certainly not a racist.” But Schumer went on to explain that the vote was about demonstrating the unacceptability of “stack[ing] the courts with Scalias and Thomases...

Author: By Jason L. Steorts, | Title: Picking on Pickering | 3/22/2002 | See Source »

...even though he is, as he points out, "two years younger than Stephan." He had started on his Olympic medal collection with a gold and a bronze in Albertville in 1992 and added two silvers and a bronze at home in Lillehammer in 1994, all the while accumulating a stack of 10 world championship medals. "Winning all those medals is not something you plan to do," he pragmatically reflects. "It just happens." Other skiers don't see it quite that way. "If you're talking about ski racing and medals, you'd have to say he's the best athlete...

Author: /time Magazine | Title: On Top Of The World | 2/25/2002 | See Source »

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