Aaron Feuerstein-a Socially Responsible Owner
Case-1
Aaron Feuerstein-A Socially Responsible Owner
The evening of December 11, 1995, was a special time for Aaron Feuerstein, CEO of Malden Mills. A small surprise 70th birthday party quietly was held in his honor at a local Boston restaurant. But Feuerstein’s life took a dramatic turn that evening for a different reason: A boiler at his company’s plant exploded, setting off a fire that injured 33employees and destroyed three of the factory’s century-old buildings. Malden Mills was a privately owned firm, with Feuerstein owning a majority share. The firm was located in a small Massachusetts town, Methuen, and employed nearly 3,000 people in the economically depressed area. The fire was a devastating blow for the community. According to Paul Coorey, local union president, “I was standing there seeing the mill burn with my son, who also works there, and he looked at me and said ‘Dad, we just lost our jobs’. Years of our lives seemed gone”.
Unexpected tragedies happen all too often, and the aftermath is frequently devastating to the owners, employees, suppliers, local community, and customers of the firm. But the December 1995 tragedy at Malden Mills had a different outcome than most, primarily due to the owner of the factory-Aaron Feuerstein-and the deep sense of corporate social responsibility he showed through his actions following the tragedy at Malden Mills.
Aaron Feuerstein typically awoke at 5.30 A.M. and began each day by memorizing passages from the scriptures and shakespare. He firmly believed in loyalty and farness to his workers. He often said that the average American wanted businesses and their owners to treat workers as human beings, with consideration and thoughtfulness. Feuerstein tried to meet these expectations. “I have to be worthy”, he told his wife over and over again. “Too many people depend on me.” He simply could not let anyone down-even the unexpected and devastating tragedy of the December 1995 fire at his plant.
Aaron
Aaron Feuerstein-A Socially Responsible Owner
The evening of December 11, 1995, was a special time for Aaron Feuerstein, CEO of Malden Mills. A small surprise 70th birthday party quietly was held in his honor at a local Boston restaurant. But Feuerstein’s life took a dramatic turn that evening for a different reason: A boiler at his company’s plant exploded, setting off a fire that injured 33employees and destroyed three of the factory’s century-old buildings. Malden Mills was a privately owned firm, with Feuerstein owning a majority share. The firm was located in a small Massachusetts town, Methuen, and employed nearly 3,000 people in the economically depressed area. The fire was a devastating blow for the community. According to Paul Coorey, local union president, “I was standing there seeing the mill burn with my son, who also works there, and he looked at me and said ‘Dad, we just lost our jobs’. Years of our lives seemed gone”.
Unexpected tragedies happen all too often, and the aftermath is frequently devastating to the owners, employees, suppliers, local community, and customers of the firm. But the December 1995 tragedy at Malden Mills had a different outcome than most, primarily due to the owner of the factory-Aaron Feuerstein-and the deep sense of corporate social responsibility he showed through his actions following the tragedy at Malden Mills.
Aaron Feuerstein typically awoke at 5.30 A.M. and began each day by memorizing passages from the scriptures and shakespare. He firmly believed in loyalty and farness to his workers. He often said that the average American wanted businesses and their owners to treat workers as human beings, with consideration and thoughtfulness. Feuerstein tried to meet these expectations. “I have to be worthy”, he told his wife over and over again. “Too many people depend on me.” He simply could not let anyone down-even the unexpected and devastating tragedy of the December 1995 fire at his plant.
Aaron