Analyzes America's post-World War II rise to economic power, and sudden decline, from a new angle: the ambitions and tragic errors of ten influential men destined to become architects of a new world order. 40,000 first printing. $40,000 ad/promo. Tour.
Christened the Whiz Kids by the press, 10 young Army Air Force statistical experts in 1945 were hired as a unit by Henry Ford II to impose order on the company he had just taken over from his senile grandfather. Byrne, a Business Week writer and author of The Headhunters , admits that the Kids' formula for increasing profits through monitoring the numbers saved costs, but only, he claims, at the expense of quality and innovation--thinking that ultimately led to the loss of America's automotive hegemony. The group's charismatic leader, Tex Thornton, later created--and lost--super-conglomerate Litton Industries; Jack Reith masterminded the wildly over-designed 1957 Mercury Turnpike Cruiser, which flopped, and the doomed Edsel before committing suicide; Robert McNamara became Ford's president and then JFK and LBJ's Secretary of Defense. Others of the group ascended to top Ford jobs or drifted into disgruntled retirement. The book is that publishing rarity, a page-turner about business and finance people, but a more discriminating approach might have given the Whiz Kids' story greater cohesion. Copyright 1993 Reed Business Information, Inc.
John A. Byrne is chairman and editor-in-chief of C-Change Media Inc., a digital media startup that is launching a network of websites for the global business community. C-Change currently has two highly successful sites, Poets&Quants.com and Poets&QuantsforExecs.com. Little more than two years old, P&Q generates more than one million monthly page views and boasts a book imprint division which published its first title in 2012. Byrne is also the author of "World Changers: 25 Entrepreneurs Who Changed Business As We Knew It," his first book in ten years since the publication of his collaboration with General Electric Chairman Jack Welch. That book, "Straight from the Gut," was a New York Times bestseller for 26 consecutive weeks.
Byrne's collaboration with Mort Mandel, a self-made billionaire and highly successful entrepreneur in both the for-profit and non-profit worlds, will be published in December of 2012 by Jossey-Bass as part of its Warren Bennis leadership series. The book is entitled "It's All About Who You Hire, How They Lead...and Other Essential Advice from a Self-Made Leader."
Until Nov. of 2009, Byrne had been executive editor and editor-in-chief of BusinessWeek.com. He led BusinessWeek.com to record levels of reader engagement and traffic, oversaw the redesign of the site, and launched extensive new areas of coverage on management and lifestyle. Mr. Byrne initiated the site's twice-daily executive news summary, weekly interactive case studies, multi-media classroom videos, as well as new blogs and podcasts. He helped to develop and launch a major Web 2.0 initiative called the Business Exchange, an innovative product utilizing social media and news aggregation.
Under his leadership, BusinessWeek.com won two consecutive National Magazine Awards, the most prestigious recognition in magazine publishing, an EPpy for Best Business Website with over one million unique visitors (over The Wall Street Journal), and second place honors as the Best Website of the Year for news and business by the Magazine Publishers Association. In 2008 alone, BW.com captured an unprecedented 21 awards and nominations for journalism excellence. His weekly podcast on Business Week's cover story has been downloaded nearly 10 million times. Mr. Byrne's views on the future of journalism have made him a popular speaker and essayist. In the past two years, he has spoken at more than a dozen conferences, has been frequently interviewed about the new world of journalism, and has been published by Harvard University's Nieman Reports, The Christian Science Monitor, and MediaWeek magazine. Prior to role at BusinessWeek.com, he was the executive editor for the print publication since 2005, during which he began three new annual franchises, including the highly successful Customer Service Champions and the Best Places to Launch a Career, and recruited to the magazine such popular weekly columnists as Jack and Suzy Welch, Maria Bartiromo, and renown wine critic Robert Parker.
Previously, Mr. Byrne was editor-in-chief of Fast Company magazine. He joined Fast Company in April 2003, succeeding founding editors Alan Webber and Bill Taylor, where he worked to reinvent the business magazine. Under his leadership, Fast Company won many coveted journalism awards, including its first Gerald Loeb award, the highest honor in business journalism. Mr. Byrne also made Fast Company the first business brand to launch an online blog and created, through a partnership with Monitor Group, an annual award competition for social entrepreneurs. More importantly, Mr. Byrne found and cultivated a buyer for the magazine, resulting in a $35 million purchase that saved the publication from an almost certain closure.
Before joining Fast Company, he worked for BusinessWeek for nearly 18 years, most recently holding the position of Senior Writer and authoring a record 57 cover stories for the magazine. His articles have explored the fairness of executive pay, the folly of management fads, and the governance of major corporations. Mr. Byrne's magazine writing has won numerous awards and has been republished in collections of the best writing on business. He was named a National Magazine Award finalist as well as a Gerald Loeb award finalist twice. Among his more widely recognized cover stories are "Philip Morris: Inside America's Most Reviled Company," a provocative exploration of the men who ran the largest tobacco corporation in the world, "The Fall of a Dot-Com," an investigative story on how big-name investors, blinded by Net fever, poured millions into a dot-com that fell into bankruptcy, "Joe Berardino's Fall from Grace," a narrative of how Arthur Andersen's CEO presided over the demise of his legendary firm, "The Man Who Invented Management," a reflective essay on why management guru Peter Drucker's ideas still matter, and "Are CEOs Paid Too Much?," an early examination (1992) of why executive compensation was out-of-control.
Mr. Byrne developed the idea of a monthly best-sellers list, launched the industry-leading business school rankings, established and managed the magazine's ranking of the best and worst corporate boards, and created its annual list of the most generous philanthropists. He also built out the business education franchise online in the mid-1990s, setting the stage for a highly regarded online community and one that has reaped tens of millions of dollars in annual revenue for BusinessWeek. He has been a frequent commentator on television, having appeared on CNN's Moneyline and CNBC's Squawk Box and Business Center.
Mr. Byrne is the author or co-author of more than ten books on business, leadership, and management, including two national bestsellers. World Changers, to be published by Penguin Books' Portfolio imprint, is his first book in ten years. His previous book, published Sept. 11, 2001 by Warner Books, was Jack: Straight from the Gut, the highly anticipated collaboration with former General Electric Co. CEO Jack Welch. The book debuted at the very top of The New York Times bestseller list and remained on the list for 26 consecutive weeks. Mr. Byrne has written or co-authored seven other books, including Chainsaw (HarperCollins, 1999), the behind-the-scenes story of Al Dunlap's rise and fall as a business celebrity. The book received widespread acclaim. Publishers Weekly called the book a "blistering saga" and a "sizzling tale." The Street.com said Chainsaw "should be required reading in all business and accounting schools."
Mr. Byrne's other books include: Informed Consent (McGraw-Hill, 1995); The Headhunters (MacMillan, 1986); Odyssey (Harper & Row, 1987), the business biography of former Apple Computer chairman John Sculley; and The Whiz Kids (Currency/Doubleday, 1993), which explored the life and times of ten Army Air Force officers who helped to remake the Ford Motor Co. in the post-war period. Managment guru Tom Peters called The Whiz Kids "an important milestone in American management analysis. Warren Bennis has said the book is "the best history of American business from World War II to the present." Mr. Byrne also wrote BusinessWeek's Guide to the Best Business Schools (McGraw-Hill, 1989, 1990, 1993, 1995, and 1997) and co-wrote BusinessWeek's Guide to the Best Executive Education Programs (McGraw-Hill, 1992).
As part of a new book imprint division at Poets&Quants, Byrne also is the co-author of "Handicapping Your MBA Odds: Profiles of 101 Applicants & Their Odds of Getting Into a Top Business School." The book was published in the summer of 2012.
This is a great read for today's corporate watchers (think Enron, Qwest, Tyco, WorldCom). After WWII, the early speadsheet types, geeks, nerds and whiz kids went on a roll in the 1950s and 1960s. They created holding companies (we call it today "synergy") like the electrical and railroad guys did a generation (30 years) earlier. The names were great: Teledyne, Litton, LTV, etc. The holding company or parent owned lots of divisions or profit centers. Think of it as a mutual fund, like the Sage of Omaha has today. Government contracts, the cold war, all helped them grow. They flew Braniff 707s and AA Convair 990s between LA and Dallas and NYC, drank martinis, dressed like the movie "Down with Love." They used computers to figure out market share and P&L, big IBM and Sperry Univacs. Like all parties it ended with Vietnam going south, Nixon taking away the punch bowl and the NYSE dropping. Like the 1920s, the 50-60s needed this book and many will be done, all the same as this one, on the Roaring dot.com 1990s, with the same nonsense: holding companies, synergy and over paid executives. The more things change, the more they remain the same.
This is by far one of the best business books I've ever read (top ten). Anyone interested in: Ford Motor Company, the automobile industry, American business history, or the world of finance/accounting will enjoy this work. If you're a MBA-Finance the Whiz Kids does a great job of showing the development of modern financial analysis - its advantages as well as its shortcomings. It also deals with Robert McNamara's role during the Vietnam War and Tex Thorton's creation of Litton Industries. It's kinda long but I've read it cover to cover twice. A few of my friends have also read this one and they all really liked it.
My pal KP had this book and lent it to me to read. Fascinating. This is the story of the guys who developed the logistics sytems for the American military in WW2 and then went on to run Ford and other large companies. They were instrumental in developing the Harvard Business School as well. Some real geniuses. When KP died 5 yrs ago this book disappeared and I've been thinking about it ever since so am happy to finally have a copy.
Just ten men -- all relatively young during the war -- were responsible for Corporate America's decline after the post-war boom? "Yes -- to an extent." is John Byrne's answer to that question in this unflinching look at how the "whiz kids" (originally called the "quiz kids" for reasons explained in the book) landed jobs at Ford Motor as a group and then proceeded to skillfully consolidate their power by using "new" numbers-based analytical methods to promote their agenda and dismiss others'. Eventually, as they occupied executive suites at Ford, several went into other business and government postions, spreading the "gospel" of "if it's not in the numbers, it's not real." As we now know, this "dispassionate" method's shortcomings become painfully evident when a field is open to increased competition (the auto industry) and/or faces an adversary who doesn't desire to "play by the rules" (the Viet Cong). Byrne takes the time to tell the story of all 10 men to varying degrees, and lays out a vivid picture of how we **will** fall short if we mindlessly follow management styles that have been around for so long that they are ingrained in some companies' cultures, but still are no more effective today then they were 30 years ago.
This is a convincing look behind the scenes at Ford, as Robert S. McNamara makes his mark in big business, after figuring out how to manage logistics for the U.S. Dept of Defense during WWII. It was novel of these guys (the Whiz Kids) to insist that they all be hired by Ford as a group. Kind of a Japanese team spirit at work. Then different ones fell by the wayside, and one even committed suicide (no Japanese connection intended).
The counterpart to any given U.S. whiz kid for the British during WWII was one Lord Leathers, appointed as material and logistics chief by the war cabinet, whose exploits were referred to by Churchill in his 6 Vol. history of WWII.
For the Germans, we had Albert Speer, seeking to wring gasoline form coal while still promising the Fuhrer that he could still have his new boulevards and buildings in Berlin. I'm not sure who ran this end of things for Stalin, but whomever that was, they must have been pretty smart as well.
The interesting thing is the way the Whiz Kids took what they had learned about moving material to feed soldiers and blow things up, and transferred those skills to rescuing Ford from the predations of Henry I just in time to save the industrial neck of Henry II (since in this tragedy we skip over Edsel I as irrelevant, since Henry I pretty much snuffed him out, emotionally anyway).
This is all living history, and envy of the Whiz Kids is probably what drove GM to hire Peter Drucker from Vienna to analyze itself, leading to Drucker's first major work describing management of a major public corporation. This in turn egging on Alfred Sloan to reply with his less readable "My Years with General Motors."
So a lot happened after these Whiz Kids hit the scene in Detroit.
... Overall, their quantitative streak seems to elevate them well above trivial "guru" status achieved by so many modern management consultants. McNamara had an interesting feedback into government, by rejoining DOD as a Kennedy guy, from which I guess he repented after the fact to assuage whatever damage he did to his soul by egging on JFK and LBJ beyond the limits of American power, if not authority. That's a lesson for businessmen, too.Read more ›
I worked in Ford Finance for many years and love the company and met a lot of great people. The narrow-mindedness of finance sometimes got on my nerves but overall my career there was extremely enjoyable. In the book your dad seemed like a very down-to-earth person and I often wonder what Ford... Read more