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The astonishing business story and management strategies of Nissan's president, Carlos Ghosn. Arguably the world's most successful CEO, Ghosn rescued the Japanese automaker from the brink of bankruptcy, achieving record profits in only two years. This is the story of how he did it.
When Carlos Ghosn, a 46–year–old, fiery Brazilian was installed as president of the Japanese corporate giant, Nissan, the automotive world was astonished. Ghosn moved to Japan and immediately promised to make Nissan profitable in one year, 2001, or he would resign. He accomplished his goal and then some, using western business techniques that had never been tried before in that tradition–bound country. The book, written in narrative style by a journalist, will have Ghosn's complete cooperation. Readers will learn how he went about remaking Nissan, cutting costs, closing plants, breaking up the Keiretsu relationships, pushing for innovative new automobile designs –– all the while defying the business and cultural taboos that permeate business in Japan. In the process, he has become a celebrity (he is hero of a series of admiring comic books) and a champion in global business circles.
- Sales Rank: #792417 in Books
- Published on: 2003-01
- Released on: 2003-01-07
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .89" w x 6.00" l, 1.10 pounds
- Binding: Hardcover
- 256 pages
From Publishers Weekly
The facts of Magee's account are quite startling. Nissan, once a darling of the automotive world, with its cheap Datsun pickups and stylish, spunky Z roadsters, had, by the 1990s, fallen on hard times. Saddled with billions in debt, the company merged with Renault in 1999, and a Renault v-p, Carlos Ghosn, was named Nissan's new CEO. Routing not only every naysayer in the auto industry, Ghosn, who was born to Lebanese parents in Brazil, also had to overcome an entrenched Japanese business culture that at that time had seemed to stress perks, seniority and relationships over the bottom line. Given complete control over the company, Ghosn slashed costs and laid off employees, as was expected, but also instituted a sweeping reorganization of the entire company, announced an ambitious slate of new vehicles and promised that if Nissan was not profitable in 2000, he and his entire managerial staff would quit. Journalist Magee lays out Ghosn's management style, his mantra of complete transparency and responsibility, and all the tiny victories that went into returning Nissan to the top ranks of automakers. His approach can be hagiographic, but this profile of an astoundingly effective CEO (one of the few who might have actually earned his large salary) is sure to inspire.
Copyright 2003 Reed Business Information, Inc.
From Booklist
This the story of the dramatic comeback of Nissan under the leadership of CEO Carlos Ghosn. The ultimate international businessman, Ghosn is of Lebanese descent, born in Brazil and raised as a French citizen. He saved Renault first and then Nissan from bankruptcy by using drastic cost-cutting measures and by fully engaging the workforce from the ground up to stimulate creative innovation. In order to do so, he had to implement Western-style changes, such as plant closings and layoffs, and risk alienating a Japanese culture used to life-long job security. In 1999, Ghosn unveiled his Nissan Revival Plan and made headlines by pledging to quit if the ailing company was not profitable within one year. He proved all the doubters wrong when he announced that fiscal year 2000 was not only profitable but had posted the best financial performance in the company's history. Magee's report is a fine lesson in the adage that "there are no problems at a car company good products can't solve." David Siegfried
Copyright � American Library Association. All rights reserved
Review
“Magee offers a provocative case study” (Harvard Business Review)
“Magee has a powerful tale to tell.” (New York Times)
“Nissan’s resurgence merits study; there are few to match it.” (Wall Street Journal)
“interesting and instructive” (Miami Herald)
“Offers a cogent, behind-the-scenes look at Ghosn, the unlikely leader of a new generation of global business managers.” (Boston Globe)
Most helpful customer reviews
15 of 15 people found the following review helpful.
Engrossing account of an important, bold turn-around
By Nearly Nubile
As we continue to read about the Fiat debacle in Italy, and the grim plateau that car sales figures are cutting in the US, it is difficult to escape the sheer morbid curiosity about how Ghosn has, in less than four years, managed to take a company that many thought was heading for utter disaster and turn in it into one of the hottest automotive manufacturers on the planet (Nissan has once again raked in a record quarter as I write).
David Magee does an engaging job of capturing Ghosn's audacious yet down-to-earth attitude in a culture as obstinate as Japan's. Some very interesting anecdotal evidence here about Ghosn's uncanny ability to motivate subordinates several layers down in Nissan. Automotive companies today are multicultural institutions that operate across traditional geopolitical/cultural boundaries. While several top-brass CEOs (e.g., Nasser who was with Ford until 2001) have recognized this and yet failed to implement it, Ghosn has won his laurels the old-fashioned way -- by enabling a free exchange of ideas in an ailing monster of a Japanese organization. This alone speaks volumes about the man's personality, and I am happy to say I was not disappointed with Magee's treatment of this aspect.
Nonetheless, a business book is a business book. There is only so much detail that can be smooshed in to it, and inevitably completeness needs to be sacrificed for readability by a wide audience. I personally felt that the book sort of glosses over several key points that could have made this a 6 out of 5 stars material --
(1) A more granular look at WHAT Ghosn *really* did in terms of enabling the culture of flexibility without really changing the otherwise autonomous structure that underpins Nissan, i.e., without too much Renault-ification; what processes did he institute to ensure being heard at the lower rungs of the giant organization. Some more managerial nitty gritty would be welcome.
(2) A coverage of some more negative, sensitive issues such as the controversial buy-out of African-American farmers for the site of the huge new Nissan assembly plant near Canton (why should everything that Nissan has done only be seen in a positive light simply because this is an ode to its CEO?)
(3) A more significant background on the contribution of Louis Schweitzer, Renault's low-profile chairman. Curious minds want to know if Ghosn "went it alone" or did he have the ideological spine of someone else too.
(4) A mention of Ghosn's plans (instead of vague broad-brush corporate objectives) for the next few years e.g. the focus on emerging markets such as Turkey. Wouldn't a star CEO such as him for instance be expected to topple Toyota for the no.1 spot? I may be speaking out of turn but THAT to me would be a benchmark of Ghosn's true success because a murky side of me still suspects that part of his success can be attributed to his being a "Gaikokujin" (a foreigner, and it is possible this is why he may have been allowed some slack by his Japanese subordinates), or that he came in with almost zero expectation.
Anyway, this is a slim wishlist and despite some of these themes being given a somewhat short shrift in the favor of singing paeans to Ghosn, I'd recommend this book highly as an accessible introduction into one of the most successful turn-arounds of the 21st century. If nothing else, it bears an important message in thumping down the stale notion that Japanese companies can only survive by sticking hook line and sinker to their dated, dogmatic ways.
6 of 6 people found the following review helpful.
The Passionate Pragmatist
By Robert Morris
Although Magee does indeed provide a brilliant analysis of how Carlos Ghosn "rescued" Nissan, the value of this book extends far beyond that admirable achievement. What we have here is a probing and informative analysis of a leadership and management style which provides important lessons to decision-makers in all organizations (regardless of size or nature) which currently struggle to compete successfully in their respective marketplaces. In a sense, the same skills required by a successful turnaround are also valuable in organizations which are currently prospering: "Be transparent and explain yourself in clear, lucid terms. Do as you say you are going to do. Listen first; then think." Prior to being reassigned by Renault to the Nissan organization, Ghosn had led the revivals of Michelin South America, Michelin North America, and Renault. According to Magee, he "may be the only person to have four verifiable corporate turnaround efforts on four different continents." Serious problems had developed at Nissan in the early 1990s. How serious? It was "strapped by $22-billion in debt, inflated supplier costs, and new product development that was at a standstill." This book explains how, under Ghosn's leadership, Nissan not only solved those and other problems; it regained a position of profitable and prominent leadership in one of the most competitive of industries.
As indicated previously, Ghosn is a firm believer in transparency throughout all areas and at all levels of an organization. For that reason, prior to the merger of Renault and Nissan, he created cross-company teams (CCTs) which "were charged with finding possible synergies between the companies and exploring specifically how these might work if an alliance was formed." Teams studied product planning, vehicle engineering, power trains, and purchasing. It is incomprehensible to me that Ghosn, a native of Porto Velho, Brazil, could convince those who worked in two such different companies, in cultures with such different values, to work effectively together. He advocated the same strategy which had succeeded so well at Michelin North America: "Assume nothing (find answers within the company), work fast, and earn trust and respect with strong results." As American colleague Jim Morton once said of Ghosn, "he knows how to get a commitment."
Obviously, throughout his career thus far, Ghosn has demonstrated a specific style of leadership and management which Shiro Tomii, a senior vice president in Japan, once summarized as follows: He establishes high, yet attainable goals; makes everything clear to all roles and levels of responsibility; works with speed; checks on progress; and appraises results based on fact. In this context, Magee notes by creating intracompany transparency, "only the facts survive. [Ghosn] loves it when data and analysis win and loses his patience when individuals persistently argue a point with nothing to back it up."
Once the Nissan Revival Plan (NRP) had restored hope, profits, and confidence in the company, Ghosn focused everyone's attention on NISSAN 180 which involves even more ambitious objectives and requires even greater commitments to achieve them. "So questions remain as to exactly how high and how far Nissan will go in its ultimate quest." However, this much is certain: "Renault took a chance. Ghosn went to work. And Nissan responded. Together, they changed world business forever." That is the story which Magee has told in this book and he has done so with rigor and eloquence.
6 of 6 people found the following review helpful.
Fast Forward
By B.Sudhakar Shenoy
The Japanese Automobile Industry was, just till a decade ago, nearly worshipped. A handful of companies led by Toyota introduced concepts of Lean Manufacturing and effortlessly conquered the highways of the land of the Automobile. Japanese cars were soon seen in all continents, eating away market share from established incumbents. Low cost, high quality and fuel economy were the key differentiating factors. Several research studies were undertaken to explore and demystify the secrets behind the Japanese success. Cultural factors and traditions of Japan like strong relationships with vendors and customers, Industry alliances and a loyal work force wedded to their organization on the concept of life long employment were some of the elements that the West found hard to replicate.
Take "Keirestu' for example. This refers to the alliance between the buyers and the vendors with long relationships and cross holdings that reinforce their mutual commitment to business. This system worked well till Japan Inc fumbled. In the case of Nissan, the vendors were fleecing the already bleeding parent by charging it much higher for their parts. For Nissan, it was unthinkable to source these parts from outside Japan, since it would amount to a gross violation of the principles of "Keirestu". The master had become the prisoner.
Japan once boasted of the tradition of life long employment. This had gradually led to mediocrity at all levels since career advancement and compensation were linked to seniority and not performance. It was sacrilege to close down unprofitable plants and Nissan was saddled with plants running at less than 50 % capacity, hemorrhaging cash. Nissan had no money left for new product development and was forced to retain outdated models. Its customers started looking elsewhere.
Burdened with debt, shrinking market share, negative returns and no where to go, Nissan looks to the West for a Savior. Renault of France takes over. Carlos Ghosn, Lebanese by origin, French by education with strong experience in Brazil and North America, now heads for Japan as the chosen man from Renault. Known for his no nonsense style since his days with tire maker Michelin, he is dubbed " Le Cost Killer".
Ghosn's diagnoses Nissan's problems as primarily internal. He forms the now acclaimed Cross Functional Teams (CFT) drawing executives from all ranks and continents to brainstorm and recommend solutions within three months. The plan is straightforward - Nissan Revival Plan (NRP) aimed at reducing procurement costs, debt, closing plants that were not viable and introducing new models, fast. Simple, but not easy. These decisions were hitting against the very foundations of the beliefs and traditions of the Japanese Industry. Global souring challenged the "Keirestu" and decisions to sell off holdings in associate Companies to raise cash and clear debt was never done in Japan. It is precisely these aspects that make the book interesting. Ghosn not only challenges the deep-rooted traditions of Business practices in Japan, but acts with agility and speed to put the plan into action producing dramatic improvement in Nissan's bottom-line.
If you are looking for details on strategy in the pattern of a research study on Nissan, this is not the book. This is a simple story of a man of courage who takes charge of a sinking auto manufacturer in its homeland, steers it to safety and zooms ahead on top gear to be named Man of The Year by Automobile Magazine in 2002. From near bankruptcy to record profits would be the summary of Nissan -1999 to 2002.
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