Charan1889

Biography:

Ram Charan was born in a small Indian town and started his business career as a teenager working in the family shoe shop in India. He went on to earn an engineering degree and then MBA and doctorate degrees from Harvard Business School. Ram Charan graduated from Harvard with high distinction and was a Baker Scholar. He then served on the Harvard Business School faculty.
Dr. Charan is well known for providing advice that is down to earth and relevant and that takes into account the real-world complexities of business. Identified by Fortune as the leading expert in corporate governance, Dr. Charan is helping boards go beyond the requirements of Sarbanes-Oxley and the New York Stock Exchange by providing practical ways to improve their group dynamics.
Ram Charan has also been sharing his opinions with many others by teaching and writing. He has won several awards (the Bell Ringer award, the best teacher award at Northwestern and so on). Over the past decade, Dr. Charan has captured his business insights in numerous books and articles. In the past five years, Dr. Charan's books have sold more than 2 million copies.

Summary:

This is a book written by Dr. Charan in which in the introduction it explains how to survive the economic crisis, using as an example the DuPont CEO Chad Holliday.
Chad Holliday’s first wise was to take advise of the economic environment (cash positions, bookings, industry slowdown…) to realise about the credit crunch before the worst part of it came out. Before the collapsing of the markets he realised about the urgency of taking the necessary steps to avoid DuPont’s possible bankrupt. Fortunately, thanks to 9/11´s attacks DuPont had already made a "Corporate Crisis Plan" who was immediately started up, the plan was to bring together various teams to identify the nature of the crisis and to take decisions on the base of it. Once the crisis was identified as financial, Chad Holliday started meeting with their top executives to find solutions, as a result of this meetings they started to use cost cutting strategically to conserve cash. To avoid morale depressions every employee had face-to-face meetings with their managers. According with the short term solutions, the CEO ordered 3 executives to look for long term action to guarantee the surveillance of the company after de crisis. Chad Holliday’s quick actions are a guideline of how a leader should act in case of crisis, as he was far-sighted, pulled the people together and took decisive action.

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