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Aaron Feuerstein, president and owner, Malden Mills Industries, Inc.
Mr. Feuerstein’s uncommon commitment to his employees and his community was recognized with the Botwinick Prize for Business Ethics. When fire destroyed three buildings in his one hundred-year-old factory complex, he pledged to rebuild and to keep his displaced employees on full-salary during the initial shut-down. Like his grandfather and father before him, Mr. Feuerstein believes that the employees at Malden Mills are its most valued asset. This recent, magnanimous gesture is, in fact, representative of a history of dedication to Malden Mills employees and to the Lawrence, Massachusetts community that has been home to the company for three generations.
Aaron Feuerstein is the president and CEO of Malden Mills Industries, Inc., an international textile supplier of PolartecTM apparel fabrics and home furnishing velvets. Malden Mills is the largest employer in its home city of Lawrence, Massachusetts, with over 3,000 employees and annual sales of $400 million. Feuerstein has earned the praise of Americans across the country, including President Bill Clinton, former U.S. Secretary of Labor Robert Reich, and Massachusetts Governor William Weld, for his dedication to his employees. When Malden Mills was struck by a devastating fire in December 1995, Feuerstein vowed to rebuild the business and announced that he would pay all of his employees for the next 90 days. Approximately 12 months later, 85 percent of his employees were back to work.
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The Small Worlds of Corporate Governance
Identifies "structural breaks" — privatization, for example, or globalization — and assesses why powerful actors across countries behave similarly or differently in terms of network properties and corporate governance.