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For the past thirty years, Steve Miller has done the messy, unpleasant work of salvaging America's lost companies with such success that the Wall Street Journal has dubbed him "U.S. Industry's Mr. Fix It." From his very first crisis assignment as point man for Lee Iaccoca's rescue team at Chrysler, Miller built an international reputation while fixing major problems in such varied industries as steel, construction, and health care. Most recently, as chairman and CEO of the bankrupt automotive parts manufacturer Delphi Corporation, he has confronted head-on the major issues threatening the survival of Detroit's Big Three.
A battle is being fought in the heart of industrial America—or what is left of it—Miller observes. In the auto industry as well as every manufacturing corporation, management and labor are at loggerheads over wages and the skyrocketing costs of employee benefits. The way out of this battle is often painful and Miller is deeply aware of the high price individual workers and many communities have had to pay as a result.
In this frank and unsparing memoir, Miller reveals a rarely seen side of American management. Miller recounts the inside story of the many turnaround jobs that have led to his renown as Mr. Fix It. But he also paints an intimate picture of his relationship with Maggie Miller, his wife of forty years, with whom Miller shares the credit for his success. Described by Miller as "my mentor and tormentor," Maggie served as his most trusted adviser and kept him focused on what truly matters until her death from brain cancer in 2006.
A deeply moving personal story and timely snapshot of the state of American manufacturing and what it will take to restore it to profitability, The Turnaround Kid is Steve Miller's fascinating look at his education as an American executive.
- Sales Rank: #475489 in Books
- Brand: Miller, Steve
- Published on: 2008-04-15
- Released on: 2008-04-15
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .95" w x 6.00" l, 1.07 pounds
- Binding: Hardcover
- 272 pages
From Publishers Weekly
In 1979, while also moonlighting to save the Detroit Symphony Orchestra from ruin, Steve Miller left a mid-level executive career at Ford to join Lee Iacocca and Jerry Greenwald in rescuing Chrysler from the brink of bankruptcy. At Chrysler, Miller was fanatical about everyone sharing pain—including executives who agreed to $1 salaries—and reward, and used politicians, the media and language to skillful advantage; he refused to use the word bankruptcy. After completing a much-lauded, successful turnaround, Miller left the company in 1992 and embarked on a series of jobs managing corporations that were near collapse. The rescue efforts Miller describes reveal how his approach to corporate disaster changed radically. By the time he arrived at the Delphi Corporation in 2005, he took the company into bankruptcy while managing to circumvent changing bankruptcy laws, refused to speak to the media and enraged workers and creditors by securing executive bonuses. This strong, straightforward business autobiography also lightly touches upon Miller's personal life and his wife's struggles with cancer. Miller's is a gripping, understated story and an important business book. (Feb.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“When corporate executives sit down to write a book, the result is often a bland recitation of accomplishments, a few charmingly self-deprecating admissions of mistakes, and a handful of business formulas that might help you, the reader, achieve similar success. The Turnaround Kid is not one of those books.” (Wall Street Journal)
“Robert S. ‘Steve’ Miller, the chairman of Delphi Corp., gives us a boardroom seat--at the auto-parts maker and other troubled companies he has headed--during moments of crisis. But he also relates deeply personal stories. And he takes jabs at folks whose paths he might cross again.” (Wall Street Journal)
“What I like about the business parts is that Miller. . . doesn’t pretend to be perfect. He discusses mistakes made on his watch. . . . [W]e get to see something that’s oh so rare: a businessman in full.” (Allan Sloan, Washington Post)
“This is no dull, vain accounting of a power broker: Miller talks about his turnarounds warts and all and opens up about his family life and why Lee Iacocca annoys him.” (Fortune Small Business)
“Miller describes his Herculean efforts to save what he could of these troubled behemoths.... This book...contains some valuable...lessons.” (Harvard Business Review)
“The outspokenness [Miller] is known for is evident throughout. . . but the memoir is also deeply personal. . . . Miller writes movingly of his wife of nearly 40 years, who waged a three-month battle with an inoperable brain tumor that ended in her death in 2006.” (Detroit News)
“[A] freewheeling tale of corporate crises” (Reuters)
“Miller resists the temptation to burnish his own legacy, frankly examining his failures along with his successes while also sympathetically recounting the struggles of his late wife, who died of cancer as he fought to keep Delphi going.” (Newsweek)
“A riveting tale. . . . a highly engrossing memoir, poignantly leavened by the story of the untimely death of Miller’s wife. No one executive can fix all of corporate America, but Miller came close.” (Condé Nast Portfolio)
About the Author
Robert S. Miller, better known as Steve, served as chairman and CEO of Delphi Corporation. In addition, he serves on the boards of Symantec and United Airlines. He resides near Detroit, Michigan, with his wife, Jill.
Most helpful customer reviews
22 of 25 people found the following review helpful.
One of the great business autobiographies
By Aaron C. Brown
I suspect most people will buy this book for Miller's inside stories of salvaging (or attempting to salvage) value from failed companies from Chysler to Delco. They'll get their money's worth, there are concise, well-written accounts of the projects, including information that had not been previously reported.
Aside from the business, Miller has opened up about some aspects of his life more deeply than most business autobiographers. In particular, his complex and unusual relationship to his wife Maggie (who dies in the book, Miller has since remarried) is described in sharply-etched stories that will leave readers puzzling long after the book is finished.
There is also plenty of grist for Millerphiles and Millerphobes. You can see the career arc from the guy who wouldn't even mention the word "bankruptcy" at Chrysler in the late 1970s, to the guy who used bankruptcy like a rapier in the 1990s and 2000s (including becoming the poster child for rich retention agreements as he filed for Delco just before a legal change that would have restricted such "golden handcuff" payments). His fresh openness with the press was a major asset at Chrysler, by the end of the book he is refusing to comment to the press at all. Either Miller got tougher or the world did. But like him or hate him, I think he was the only person in Detroit with honesty and credibility to make everyone face some harsh reality, and he deserves a good share of the credit for the positive steps in management/labor relations of the past couple of years. If you want to hate him anyway, you can hate him for appearing to enjoy himself while forcing painful adjustments on everyone.
However, the best reason to read this book is something I never expected to find. I've always wondered why anyone with alternatives even bothered with these distressed companies. You'd think shareholders would sell, managers and workers would find better places to work, customers would take their business elsewhere; and let the opportunists fight the hopeless for any remaining crumbs. Miller has an appreciation for corporate greatness. He starts each account with the former glories of the company, not just in terms of outside accomplishments, but how many people gave it their working lives, and were rewarded with financial security and genuine pride. This is not a guy working only for shareholders or creditors or management (and certainly not only for workers or customers). This is a guy who expects all those groups to sacrifice so corporate greatness can be restored. Right or wrong, he's not a liquidator or union-buster or deadbeat, he tries to be a turnaround kid.
5 of 5 people found the following review helpful.
An unconventional career (and marriage.)
By Ryan Alexander
I generally liked this book and recommend it for those interested in the business world. Steve Miller has had something of an unconventional career. Mid-level auto executive, tucked away in a foreign sub away from the power center of his company, that rises to a challenge that his previous experience would not have seemingly prepared him for. From there, he builds a career as a leading turnaround manager and a guy that is generally thought of as a realist when dealing in very difficult situations. That part of the story reinforces the view that successful careers are a marathon and that sometimes the path that you didn't expect is the one that bears the most fruit. (How's that for buzzword laden sentence!)
In terms of those who are looking at this as a road map on how to execute a turnaround and value a business following a Chapter 11, do not pass go. It isn't that kind of book. If you're a novice looking to understand the Chapter 11 process, this is not the right book for you. (Try Distressed Debt Analysis by Stephen Moyer.) But, for those who are trying to run a business that needs a kickstart, there are some valuable comments on how to deal effectively with your employees, creditors, and customers. I think Mr. Miller comes across as honest and candid when he is involved in those situations.
What makes this book unique is the personal part of the story. By his own account, Mr. Miller's greatest asset and greatest source of concern. perhaps, was his spouse. I found his honesty on that subject to be refreshing and the sign of a man who is comfortable in his own skin.
The one knock I have are some inconsistencies in aspects of his career that did not go well. His efforts to explain why the Board at Waste Management failed in their duty to provide effective oversight of the company's management came across as a CYA answer to hold off plaintiff's attorney in a lawsuit.
Mr. Miller also completely bypasses what occurred at Chrysler's finance subsidiary within just a few months of leaving the company in 1992. He is candid about his attempt to unseat Lee Iacocca, but he makes no mention of the fact that the finance sub had a gun to their head with an expiring, and fully funded, bank deal in the summer of 1992. His lack of oversight with the folks at the American Center should have been noted, if for no other reason than as a cautionary tale.
8 of 10 people found the following review helpful.
Grandiose and delusional
By Jennifer M
I feel a little guilty giving Miller only one star because, over the course of the book, it becomes so painfully obvious that he's not just a greedy free-market fundamentalist, but a deeply deluded man with no awareness of his own behavior. On the surface, this is a series of self-congratulatory anecdotes, bordering on grandiosity, about Miller's career in "saving" the auto, steel, and insurance industries.
Laughable as the premise may seem now (the book was released months before Wall Street started going belly up), it's apparent even from Miller's own words that his peripatetic career is the result of his own repeated failures, as he busts up unions, negotiates federal bailouts, and (in a fit of manic bellicosity) drives Federal-Mogul into an asbestos lawsuit they never had any chance of winning (which he somehow uses to launch a lengthy diatribe favoring tort reform). He's not in demand; he's essentially getting fired and doesn't seem to be able to tell the difference.
More tragic still, what at first appears to be a mere manipulation of his wife's death from brain cancer (he trots her out every time he starts to look like a bad guy) quickly reveals itself. By his own admission, his wife was profoundly unhappy in their marriage, making numerous attempts to flee him - which he faithfully recounts but can't begin to comprehend.
Any compassionate editor would have stopped this before allowing Miller to broadcast his own emotional deficits quite so unflatteringly, but perhaps it does give us some insight into the biggest players of the current financial crisis.
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