Charan_1211

Biography of Ram Charan:

Ram Charan was born in 1939 in Uttar Pradesh,India.After working in his family´s shoe shop he study engineering in Banaras Hindu University and later studied at Harvard Business School. After he taught at the Harvard Business School, the Kellogg School of Management, and Boston University.
Nowadays Ram Charan is known for being a important advisor, speaker and writer. He has consulted for more than thirty-five years many well-known companies such as GE, Novartis ,EMC, KLM, Bank of America, Dupont and Dell and Verizon.
Charan has also written many business books like Leadership in the Era of Economic Uncertainty, What The CEO Wants You To Know, Boards At Work, Every Business Is A Growth Business (with Noel Tichy), and Know How and Execution (with Larry Bossidy and Charles Burck).

Summary:

The first reaction of the CEO of DuPont was to bring DuPont´s senior managers to define the cause of the crisis and establish a plan to fix it.
Nine of his 17 standing teams decided what were the solutions to ensure Dupont´s viability.
First, the company´s chief economist and the head of its pension fund explained to the employees with a simple language how the crisis was affecting the company.
After that, the employees were asked to look for three different solutions to cut down costs and spend less money. As a result, travel was also reduced, internal meetings were canceled and external services were eliminated if possible.
Urgent measures were implemented because Holliday thought that every one was working hard but with too much confidence without realizing the urgency of the situation.
At the same time a team of three top executives was created to look for long term solutions.
The most important thing is that Holliday´s reaction to the crisis was brave and fast, less than than six weeks.

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