Given that Dr. Harman, who died in 2011, was dividing his time between running the company and his philanthropy and political interests (he served briefly as Undersecretary of Commerce under President Carter), he accepted Paliwal’s terms, if a bit reluctantly. Early days were bumpy. A profit warning sent the stock price plummeting. More trouble followed when German car makers began blacklisting Harman automotive audio products. And for good measure, they were 18 months behind on every product in the pipeline.
Paliwal remembers telling Harman’s board and remaining investors that if they expected all of the company’s problems to be fixed by next quarter they should take their money elsewhere. But he promised something they had not been getting: monthly updates. In addition, he revamped the entire management team of 10 executives, retaining only one person from the former regime. Soon, the board, too, started to change with the addition of two Europeans and one Asian executive.
Today, the Stamford, Connecticut company is a $6 billion, 16,000-employee enterprise with half of its revenue coming from in-vehicle infotainment and the rest made up of lifestyle and professional products and systems. The acquisition of Dallas-based AMX, which develops hardware and software solutions that simplify the way people interact with technology, gives Harman an edge as a leading supplier of turnkey AV solutions. The move prompted Raymond James analyst Tavis McCourt to upgrade the stock from Outperform to Strong Buy.
The company continues its audio innovation with Clari-Fi, a new technology that uses four algorithms to restore the dynamic range of digital music that has had to be compressed to be streamed. Soon, it will be available in portable earbuds, autos and to music-streaming sources for a nominal cost. With 6,000 engineers throughout the company, Harman continues to push on all technological fronts. Recently, Chief Executive spoke to Paliwal at his company headquarters.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
