Detail Fueling The Future   Oleh:  Royal, Weld Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 185 no. 2 (1998), page 52-56. Topik: FUEL; fueling Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Forecasters called for snow as William Henry Harmon, then controller for Charleston, West Virginia - based Columbia Natural Resources Inc., known locally as CNR, rushed to the citys airport in midwinter two years ago. He was there to meet Rick Richard, chairman, president and chief executive officer of Reston, Virginia - based Columbia Gas System Inc., CNRs $6 billion in assets parent company, who was in town to announce layoffs. Harmon remembers the day well. Columbia Gas System had recently emerged from bankruptcy, and CNR was in the throes of reorganization. Richard had told CNR employees the company would be forced to eliminate 40 % of its staff. CNR CEO John Henning had decided to retire, and everyone expected Hennings successor to be named from outside the company. Harmon arrived at the airport, hoping he wouldnt be the next casualty. Little did he know that Richard and other corporate executives viewed the native West Virginian as a home - grown leader. At the airport, Richard surprised Harmon with a question. He said to me, We think youre the one to take the reins ; are you up to it ? Harmon, a CPA, certified management accountant and economist, accepted the challenge and began his new job in February 1996. Harmon devised a five - year turn around plan to grow CNR and boost its profitability by drilling new wells, purchasing assets and expanding joint ventures. In 1997, the company embarked on a $65 million drilling and exploration program. By late that year, CNR had spent close to $32 million to complete 140 new wellsalmost three times the amount it had spent drilling 45 in 1996. (This year, it plans to drill 180 new wells.) In addition, Harmon invested $27.5 million in pipelines from another Columbia Gas subsidiary. Last May, CNR grew by 25 % when Harmon acquired Alamco, a local gas and oil producer, for $101 million. Today, he is also seeking to buy production companies abroad new ground for CNR, traditionally a leading producer of natural gas and oil in the Appalachian Basin. He currently is on the way to doubling CNRs size in terms of net income contribution to its parent company. When he took on the CEO position, however, Harmon knew his toughest task would be completing the last round of layoffs the company had planned for April 1996the second time in his career hed had to oversee a downsizing. Those first few months were very troubling. I thought about the layoffs a long time before actually implementing them. As painful as it was, I think CNR did the right thing, he explains. It resulted in a more focused and flexible company with a sustainable cost structure. Harmon made sure each departing employee had a generous severance package and the services of an outplacement firm. To improve the low morale in the company stemming from the layoffs, he encouraged CNR s remaining staff to become involved in mentoring programs in their communities, even allowing them to take time off from work to do so. He also established a communications department to keep employees informed about company developments and make management more responsive to their needs. Harmons changes come none too soon. Thanks to federal deregulation of the $300 billion oil and gas industry, analysts expect the largest 300 energy providers across the country (down from 350 in 1991) to consolidate into no more than 15 in the next few years. The survivors among these once monolithic utilities will be those who have stripped away excess and learned to adapt quickly to market demands. As a result of Harmons achievements, the AICPA has chosen him as a path finder in its Vision Projecta massive effort to help its members redefine the profession to better face the challenges of the future. Harmons climb to the top of CNR took 20 years, and it was fueled by foresight, persistence and some gambles that paid off. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

Copyright © 2006, 2007 Unika Atma Jaya, all rights reserved