2017

Stories related to "Manufacturing".

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Kernels of Wisdom

Chicago Booth was founded in 1898. When it comes to longevity, however, Tokyo-based Japan Corn Starch Co.—a privately held comprehensive corn starch manufacturer founded in 1867—has even the second-oldest business school in the United States beat. This July at the beautiful Hotel Okura Tokyo, the company’s president and CEO, Soichiro “Sean” Kurachi, ’85, hosted a celebration for the 150th anniversary of his family-owned business. The guest list for the event evidenced the company’s global reach—it has strong ties to the United States, sourcing all its corn from US farms and partnering with US academic institutions for research and development, and serves as the corn starch provider throughout Asia for many major companies, including Coca-Cola. Kurachi welcomed guests from around the world: representatives of suppliers, buyers, associations, farms, corporate partners, and academic institutions that have had partnerships with JCS, many of whom have had long-standing, close relationships with both the company and the Kurachi family.

perspectives

The Book of Booth: Tandean Rustandy

With a $20 million gift to Booth in 2017, Tandean Rustandy, ’07 (AXP-6), committed his support to expanded research and programming in social innovation and entrepreneurship. Previously known as the Social Enterprise Initiative, the newly named Rustandy Center for Social Sector Innovation will serve as Booth’s hub for students, alumni, and faculty tackling complex social and environmental problems. Rustandy founded Jakarta, Indonesia-based PT Arwana Citramulia Tbk, one of the best-performing ceramic tile manufacturing companies in the world. Winner of Booth’s Distinguished Alumni Entrepreneurial Award in 2011, he is a member of the Council on Chicago Booth and Global Advisory Board Asia cabinet. CBM: Why did you make the gift to the Rustandy Center? Rustandy: With the center, we can attract the best and brightest minds—people capable of winning Nobel Prizes—to bring creative and innovative thinking and improve the world.

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Distinguished Alumni Awards 2017

Since 1971, we have celebrated innovative leaders across all industries, from finance to the arts, manufacturing to public service, and beyond. The Distinguished Alumni Awards honor individuals who continue to challenge and change the world we live in, exemplifying the resounding impact of Chicago Booth. This year’s winners—three from the Booth class of 1980—have blazed singular paths to the leading edges of four very different industries: oil, pharmaceutical research, cable television, and food processing. Yet they all have proven their passion for digging deeper and discovering more at every stage of their illustrious careers.

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Building on Big Ideas

Though you might not realize it, you’ve likely encountered USG Corporation’s landmark product recently, maybe even today. In fact, it may very well be in the room where you’re sitting right now. That’s because the company’s drywall, flooring, ceiling, and roofing products are part of countless homes and buildings. As the creator of the iconic and ubiquitous Sheetrock brand of wallboard, Chicago-based USG has led the building-materials industry for more than 116 years, with a storied history of innovation and sales of $3.2 billion last year. It made panels for the 1933 Chicago World’s Fair. It helped build homes for American GIs returning from World War II. And in November 2016, Jennifer Scanlon, ’92, became the first female CEO in the company’s history. “We are a transformed company,” Scanlon said, just days before leading USG’s first-ever Investor Day in New York City. “That transformation came in a number of ways—interestingly, from a lot of the initiatives that I led prior to becoming CEO.” A Chicago-area native, Scanlon joined USG in 2003 after studying government and computer applications at the University of Notre Dame and holding roles at IBM and in operations consulting. In recent years, she has made USG more global and more responsive to its customers. She was named president of the international division in 2010, when it included only Canada, Mexico, Europe, and a small operation in Asia. She went on to lead the divestiture of the European business, and then assembled an Asian joint venture called USG Boral, with $1.2 billion of revenue in 2017.

conversations

How Do You Manage Millennials?

For the rising ranks of millennials in business, 2015 was a watershed year: they surpassed Gen Xers to become the largest generation present in the US labor force. Yet another milestone is on the horizon—Pew Research predicts the 73 million–strong cohort, born between 1981 and 1996, will overtake baby boomers as the country’s largest living adult generation sometime next year. Though millennials are no more or less a monolith than the generations that came before them, many managers have observed that members of this generation are bringing a markedly different set of values to the office than their predecessors. Millennials may be derided as tech-obsessed, approval-seeking job-hoppers, or praised as creative, adaptable idealists, hungry for personal growth. But one thing’s clear: they’re prompting executives across industries to reevaluate the traditional approach to management. We asked three Booth experts what the future holds. William Osborne, ’01 (XP-70), is senior vice president for global manufacturing and quality at Navistar Inc., a Fortune 500 company based in the Chicago area: Millennial employees take a fundamentally different approach to their professional lives, but they’re not the caricatures people make them out to be. They have a different value system regarding the role of work in their lives—work is one component, and not the centerpiece. They value experiences more than what I would call traditional rewards. For example, I just had an employee, an engineer, recently quit the company and move into a completely different position, in purchasing, with another company. It was a fundamental change, and the main reason he gave was that he lived downtown and the new company was downtown. For him, work was a means to support his lifestyle. <br/>This is not necessarily a bad thing. They’re more creative and more innovative—they look at things differently, and that’s what’s driving change. But they’re less willing to compromise personal growth and development for the sake of the corporation. <br/>