Ducks in a Row: Nucor’s Sustained Culture
by Miki SaxonNucor has always played a prominent role when I cite companies where culture has been the major driver of its success and CEO Dan DiMicco is the poster boy for what a CEO should be/do.
Since 2000 DiMicco increased sales fivefold and gave shareholders a 464% return, but keeping and developing the culture put in place by Ken Iverson is his greatest claim to fame as well as the basis for Nucor’s phenomenal success.
Nucor is living proof of a mantra in which I totally believe, i.e., people are intelligent, motivated and honestly want their company to succeed, and that, given the opportunity, all employees, no matter their level or education, will use their brains and skills to make success happen whether they are told to or not.
Read this short overview to really understand the difference between Nucor’s approach to things like pay for performance, empowerment and ‘ownership’ vs. the emptiness of those words at most companies.
DiMicco is moving up to Executive Chairman and President John Ferriola is being promoted to CEO, but don’t expect the culture to change any time soon.
The CEO-in-waiting, Ferriola, has said “I consider myself an apostle” for the gospel of Ken Iverson.
Flickr image credit: Nucor