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Gail S. Shaffer

From Wikipedia, the free encyclopedia

Gail Shaffer
59th Secretary of State of New York
In office
1983–1995
GovernorMario Cuomo
Preceded byBasil Paterson
Succeeded byAlexander Treadwell
Member of the New York State Assembly for the 105th District
In office
1981–1983
Preceded byArlington P. Van Dyke
Succeeded byPaul Tonko
Personal details
BornAugust 1, 1948 (age 71)
North Blenheim, New York
Alma materElmira College (B.A.)

Gail S. Shaffer is an American politician and activist who served as the 59th Secretary of State of New York under Mario Cuomo.[1][2]

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  • ✪ Interesting People #204 "James W. Owens"
  • ✪ The Dysfunctional Family - Part 1

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>>> MY GUEST TODAY IS JIM OWENS, CHAIRMAN AND C.E.O., CATERPILLAR. OWENS, CHAIRMAN AND C.E.O., CATERPILLAR. WELCOME, JIM. CATERPILLAR. WELCOME, JIM. >> MY PLEASURE, ED. WELCOME, JIM. >> MY PLEASURE, ED. LET'S TALK ABOUT THE BEGINNING, >> MY PLEASURE, ED. LET'S TALK ABOUT THE BEGINNING, YOUR MOTHER AND FATHER, WHAT DID LET'S TALK ABOUT THE BEGINNING, YOUR MOTHER AND FATHER, WHAT DID THEY DO? YOUR MOTHER AND FATHER, WHAT DID THEY DO? WHAT DO THEY DO? THEY DO? WHAT DO THEY DO? >> UNFORTUNATELY BOTH PASSED WHAT DO THEY DO? >> UNFORTUNATELY BOTH PASSED AWAY. >> UNFORTUNATELY BOTH PASSED AWAY. MY FATHER WORKED FOR U.S. NAVY AWAY. MY FATHER WORKED FOR U.S. NAVY AS A CIVIL SERVANT. MY FATHER WORKED FOR U.S. NAVY AS A CIVIL SERVANT. HE RAN THE PRINTING PRESSES AT AS A CIVIL SERVANT. HE RAN THE PRINTING PRESSES AT THE NAVY BASE IN NORFOLK, HE RAN THE PRINTING PRESSES AT THE NAVY BASE IN NORFOLK, VIRGINIA. THE NAVY BASE IN NORFOLK, VIRGINIA. OUR HOME TOWN WAS ELIZABETH VIRGINIA. OUR HOME TOWN WAS ELIZABETH CITY, NORTH CAROLINA. OUR HOME TOWN WAS ELIZABETH CITY, NORTH CAROLINA. MY MOTHER WAS A HOMEMAKER FOR MY CITY, NORTH CAROLINA. MY MOTHER WAS A HOMEMAKER FOR MY GROWING UP YEARS. MY MOTHER WAS A HOMEMAKER FOR MY GROWING UP YEARS. SHE WENT TO WORK AS THE CHURCH GROWING UP YEARS. SHE WENT TO WORK AS THE CHURCH SECRETARY WHEN I WENT TO COLLEGE SHE WENT TO WORK AS THE CHURCH SECRETARY WHEN I WENT TO COLLEGE TO HELP PUT ME THROUGH. SECRETARY WHEN I WENT TO COLLEGE TO HELP PUT ME THROUGH. >> ONE PREACCEPT, ONE ABSOLUTE TO HELP PUT ME THROUGH. >> ONE PREACCEPT, ONE ABSOLUTE WAS HAVING DINNER TOGETHER AT >> ONE PREACCEPT, ONE ABSOLUTE WAS HAVING DINNER TOGETHER AT SIX. WAS HAVING DINNER TOGETHER AT SIX. IS THAT CORRECT? SIX. IS THAT CORRECT? >> ABSOLUTELY. IS THAT CORRECT? >> ABSOLUTELY. EVERY NIGHT WE SAT DOWN TOGETHER >> ABSOLUTELY. EVERY NIGHT WE SAT DOWN TOGETHER AND HAD DINNER TOGETHER. EVERY NIGHT WE SAT DOWN TOGETHER AND HAD DINNER TOGETHER. MY ONE BROTHER ARE MYSELF AND AND HAD DINNER TOGETHER. MY ONE BROTHER ARE MYSELF AND PARENTS, AND VERY IMPORTANT PART MY ONE BROTHER ARE MYSELF AND PARENTS, AND VERY IMPORTANT PART OF THE DAY. PARENTS, AND VERY IMPORTANT PART OF THE DAY. >> LIS DEATH CITY, CURRENT OF THE DAY. >> LIS DEATH CITY, CURRENT POPULATION 17,000. >> LIS DEATH CITY, CURRENT POPULATION 17,000. NAMED AFTER QUEEN ELIZABETH THE POPULATION 17,000. NAMED AFTER QUEEN ELIZABETH THE FIRST? NAMED AFTER QUEEN ELIZABETH THE FIRST? >> PROBABLY. FIRST? >> PROBABLY. >> RIGHT NEAR THE ATLANTIC >> PROBABLY. >> RIGHT NEAR THE ATLANTIC OCEAN, THAT'S CORRECT. >> RIGHT NEAR THE ATLANTIC OCEAN, THAT'S CORRECT. >> 50 MILES FROM THE BEACHES I'D OCEAN, THAT'S CORRECT. >> 50 MILES FROM THE BEACHES I'D LIKE TO SAY. >> 50 MILES FROM THE BEACHES I'D LIKE TO SAY. >> SPORTS JIM OWENS, WHAT DID LIKE TO SAY. >> SPORTS JIM OWENS, WHAT DID YOU DO ATHLETICALLY IN HIGH >> SPORTS JIM OWENS, WHAT DID YOU DO ATHLETICALLY IN HIGH SCHOOL? YOU DO ATHLETICALLY IN HIGH SCHOOL? >> ATHLETICALLY, I PLAYED HIGH SCHOOL? >> ATHLETICALLY, I PLAYED HIGH SCHOOL FOOTBALL, AND I RAN TRACK >> ATHLETICALLY, I PLAYED HIGH SCHOOL FOOTBALL, AND I RAN TRACK AND WAS A SPRINTER AND A POLE SCHOOL FOOTBALL, AND I RAN TRACK AND WAS A SPRINTER AND A POLE VAULTER. AND WAS A SPRINTER AND A POLE VAULTER. >> I UNDERSTAND YOU WERE ALL VAULTER. >> I UNDERSTAND YOU WERE ALL COVERAGES. >> I UNDERSTAND YOU WERE ALL COVERAGES. >> I WAS. COVERAGES. >> I WAS. SHORT LITTLE SPORTS CAREER, BUT >> I WAS. SHORT LITTLE SPORTS CAREER, BUT IT WAS A LOT OF FUN AND BIG PART SHORT LITTLE SPORTS CAREER, BUT IT WAS A LOT OF FUN AND BIG PART OF LIFE DURING MY HIGH SCHOOL IT WAS A LOT OF FUN AND BIG PART OF LIFE DURING MY HIGH SCHOOL YEARS. OF LIFE DURING MY HIGH SCHOOL YEARS. >> IN TALKING ABOUT HIGH SCHOOL, YEARS. >> IN TALKING ABOUT HIGH SCHOOL, THERE WAS A TIME -- WAS THERE A >> IN TALKING ABOUT HIGH SCHOOL, THERE WAS A TIME -- WAS THERE A TIME IN YOUR ADOLESCENT LIFE YOU THERE WAS A TIME -- WAS THERE A TIME IN YOUR ADOLESCENT LIFE YOU THOUGHT WHAT YOU WOULD DETERMINE TIME IN YOUR ADOLESCENT LIFE YOU THOUGHT WHAT YOU WOULD DETERMINE WHAT YOU'D LIKE TO DO. THOUGHT WHAT YOU WOULD DETERMINE WHAT YOU'D LIKE TO DO. DID YOU EVER THINK YOU'D WANT TO WHAT YOU'D LIKE TO DO. DID YOU EVER THINK YOU'D WANT TO BE ICE CREAM SALESMAN, ECONOMIST DID YOU EVER THINK YOU'D WANT TO BE ICE CREAM SALESMAN, ECONOMIST WHAT DID YOU THINK YOU WOULD END BE ICE CREAM SALESMAN, ECONOMIST WHAT DID YOU THINK YOU WOULD END UP DOING? WHAT DID YOU THINK YOU WOULD END UP DOING? >> IN THE HIGH SCHOOL YEARS? UP DOING? >> IN THE HIGH SCHOOL YEARS? >> HIGH SCHOOL YEARS. >> IN THE HIGH SCHOOL YEARS? >> HIGH SCHOOL YEARS. >> HIGH SCHOOL YEARS I WAS >> HIGH SCHOOL YEARS. >> HIGH SCHOOL YEARS I WAS PRETTY FOCUSED ON HAVING A VERY >> HIGH SCHOOL YEARS I WAS PRETTY FOCUSED ON HAVING A VERY GOOD TIME. PRETTY FOCUSED ON HAVING A VERY GOOD TIME. I REALLY ENJOYED SPORTS. GOOD TIME. I REALLY ENJOYED SPORTS. LIKE MOST HIGH SCHOOL ATHLETES, I REALLY ENJOYED SPORTS. LIKE MOST HIGH SCHOOL ATHLETES, I THOUGHT SPORTS MIGHT BE LIKE MOST HIGH SCHOOL ATHLETES, I THOUGHT SPORTS MIGHT BE SOMETHING I DID FOR A PROLONGED I THOUGHT SPORTS MIGHT BE SOMETHING I DID FOR A PROLONGED PERIOD OF TIME. SOMETHING I DID FOR A PROLONGED PERIOD OF TIME. I MANAGED TO HELP A NEED PRETTY PERIOD OF TIME. I MANAGED TO HELP A NEED PRETTY GOOD IN HIGH SCHOOL WHICH SLOWED I MANAGED TO HELP A NEED PRETTY GOOD IN HIGH SCHOOL WHICH SLOWED THE BLINDING SPEED DOWN A LITTLE GOOD IN HIGH SCHOOL WHICH SLOWED THE BLINDING SPEED DOWN A LITTLE BIT. THE BLINDING SPEED DOWN A LITTLE BIT. ALLOWED ME NOT TO TURN MUCH ANY BIT. ALLOWED ME NOT TO TURN MUCH ANY MORE AT SPEED. ALLOWED ME NOT TO TURN MUCH ANY MORE AT SPEED. SO, BUT, NO, I DIDN'T HAVE GOOD MORE AT SPEED. SO, BUT, NO, I DIDN'T HAVE GOOD INSIGHT, IF YOU WILL, INTO SO, BUT, NO, I DIDN'T HAVE GOOD INSIGHT, IF YOU WILL, INTO BUSINESS CAREERS OR WHAT I INSIGHT, IF YOU WILL, INTO BUSINESS CAREERS OR WHAT I WANTED TO DO FOR LIFE I WOULD BUSINESS CAREERS OR WHAT I WANTED TO DO FOR LIFE I WOULD SAY IN THE HIGH SCHOOL YEARS. WANTED TO DO FOR LIFE I WOULD SAY IN THE HIGH SCHOOL YEARS. CERTAINLY DEVELOPED THAT DURING SAY IN THE HIGH SCHOOL YEARS. CERTAINLY DEVELOPED THAT DURING MY COLLEGE TIME AT NORTH CERTAINLY DEVELOPED THAT DURING MY COLLEGE TIME AT NORTH CAROLINA STATE. MY COLLEGE TIME AT NORTH CAROLINA STATE. >> I WAS THINKING ABOUT YOUR CAROLINA STATE. >> I WAS THINKING ABOUT YOUR PREDECESSORS. >> I WAS THINKING ABOUT YOUR PREDECESSORS. WE HAVE HAD BEFORE, PRECEDING PREDECESSORS. WE HAVE HAD BEFORE, PRECEDING PREDECESSORS WE HAVE TWO CIVIL WE HAVE HAD BEFORE, PRECEDING PREDECESSORS WE HAVE TWO CIVIL ENGINEERS, AND WE HAVE HAD AN PREDECESSORS WE HAVE TWO CIVIL ENGINEERS, AND WE HAVE HAD AN ACCOUNTANT GEORGE SHAFFER AN ENGINEERS, AND WE HAVE HAD AN ACCOUNTANT GEORGE SHAFFER AN ACCOUNTANT AND DON FITES AND ACCOUNTANT GEORGE SHAFFER AN ACCOUNTANT AND DON FITES AND GLENN BARTON, CIVIL ENGINEERS, ACCOUNTANT AND DON FITES AND GLENN BARTON, CIVIL ENGINEERS, AND YOU PITCHED E CON. GLENN BARTON, CIVIL ENGINEERS, AND YOU PITCHED E CON. DO YOU THINK YOUR PRESENCE ON AND YOU PITCHED E CON. DO YOU THINK YOUR PRESENCE ON CAT, DEMONSTRATES DIFFERENCE IN DO YOU THINK YOUR PRESENCE ON CAT, DEMONSTRATES DIFFERENCE IN THINKING IN CATERPILLAR OR CAT, DEMONSTRATES DIFFERENCE IN THINKING IN CATERPILLAR OR DIFFERENCE IN DIRECTION OF THINKING IN CATERPILLAR OR DIFFERENCE IN DIRECTION OF CATERPILLAR? DIFFERENCE IN DIRECTION OF CATERPILLAR? OBVIOUSLY YOU ARE SCHOOLED ON CATERPILLAR? OBVIOUSLY YOU ARE SCHOOLED ON GLOBALIZATION AND THE LIKE. OBVIOUSLY YOU ARE SCHOOLED ON GLOBALIZATION AND THE LIKE. COULD THE CIVIL ENGINEERING GLOBALIZATION AND THE LIKE. COULD THE CIVIL ENGINEERING TRANSLATE THOSE ISSUES TO COULD THE CIVIL ENGINEERING TRANSLATE THOSE ISSUES TO CATERPILLAR AT THIS POINT? TRANSLATE THOSE ISSUES TO CATERPILLAR AT THIS POINT? >> WELL, YOU ASKED ME, FIRST OF CATERPILLAR AT THIS POINT? >> WELL, YOU ASKED ME, FIRST OF ALL I HAD AN OPPORTUNITY TO WORK >> WELL, YOU ASKED ME, FIRST OF ALL I HAD AN OPPORTUNITY TO WORK FOR ALL THREE OF THOSE ALL I HAD AN OPPORTUNITY TO WORK FOR ALL THREE OF THOSE CHARACTERS. FOR ALL THREE OF THOSE CHARACTERS. I WORKED FOR THE ACCOUNTANT- CHARACTERS. I WORKED FOR THE ACCOUNTANT- AUDITOR AND CIVIL I WORKED FOR THE ACCOUNTANT- AUDITOR AND CIVIL ENGINEERS. AUDITOR AND CIVIL ENGINEERS. NO DOUBT I LEARNED A LOT WORKING ENGINEERS. NO DOUBT I LEARNED A LOT WORKING FOR THEM AND WITH THEM IN NO DOUBT I LEARNED A LOT WORKING FOR THEM AND WITH THEM IN DEVELOPING CATERPILLAR'S FOR THEM AND WITH THEM IN DEVELOPING CATERPILLAR'S BUSINESS STRATEGIES OVER THE DEVELOPING CATERPILLAR'S BUSINESS STRATEGIES OVER THE LAST 15 YEARS, THAT I HAVE BEEN BUSINESS STRATEGIES OVER THE LAST 15 YEARS, THAT I HAVE BEEN AROUND THE EXECUTIVE OFFICE LAST 15 YEARS, THAT I HAVE BEEN AROUND THE EXECUTIVE OFFICE SUITE. AROUND THE EXECUTIVE OFFICE SUITE. BUT EACH OF US BRINGS A SUITE. BUT EACH OF US BRINGS A DIFFERENT DIMENSION OF THINKING BUT EACH OF US BRINGS A DIFFERENT DIMENSION OF THINKING TO IT, AND QUITE FRANKLY, THE DIFFERENT DIMENSION OF THINKING TO IT, AND QUITE FRANKLY, THE C.E.O. PROBABLY GETS A LITTLE TO IT, AND QUITE FRANKLY, THE C.E.O. PROBABLY GETS A LITTLE TOO MUCH CREDIT. C.E.O. PROBABLY GETS A LITTLE TOO MUCH CREDIT. WE ALL LEVERAGE A TEAM OF PEOPLE TOO MUCH CREDIT. WE ALL LEVERAGE A TEAM OF PEOPLE THAT WE SURROUND OURSELVES WITH, WE ALL LEVERAGE A TEAM OF PEOPLE THAT WE SURROUND OURSELVES WITH, PEOPLE WHO BRING ENGINEERING THAT WE SURROUND OURSELVES WITH, PEOPLE WHO BRING ENGINEERING PERSPECTIVES AND MANUFACTURING PEOPLE WHO BRING ENGINEERING PERSPECTIVES AND MANUFACTURING PERSPECTIVES AND ACCOUNTING PERSPECTIVES AND MANUFACTURING PERSPECTIVES AND ACCOUNTING PERSPECTIVES TO THE TABLE TO PERSPECTIVES AND ACCOUNTING PERSPECTIVES TO THE TABLE TO HELP US REACH THE BEST DECISIONS PERSPECTIVES TO THE TABLE TO HELP US REACH THE BEST DECISIONS FOR THE COMPANY. HELP US REACH THE BEST DECISIONS FOR THE COMPANY. IT IS ALWAYS A TEAM EFFORT. FOR THE COMPANY. IT IS ALWAYS A TEAM EFFORT. >> I RESPECT THAT. IT IS ALWAYS A TEAM EFFORT. >> I RESPECT THAT. I WAS THINKING ABOUT THE FOUR OF >> I RESPECT THAT. I WAS THINKING ABOUT THE FOUR OF YOU. THREE OF THE FOUR FROM I WAS THINKING ABOUT THE FOUR OF YOU. THREE OF THE FOUR FROM VERY SMALL TOWNS. VERY SMALL YOU. THREE OF THE FOUR FROM VERY SMALL TOWNS. VERY SMALL TOWNS. VERY SMALL TOWNS. VERY SMALL TOWNS. TIP E CANOE, SOUTHERN MISSOURI, TOWNS. TIP E CANOE, SOUTHERN MISSOURI, CAROLINA, IN YOUR CASE, AND, TIP E CANOE, SOUTHERN MISSOURI, CAROLINA, IN YOUR CASE, AND, YET, IT SEEMS ALL FOUR OF YOU CAROLINA, IN YOUR CASE, AND, YET, IT SEEMS ALL FOUR OF YOU RELATE TO THINK, HOW DO YOU YET, IT SEEMS ALL FOUR OF YOU RELATE TO THINK, HOW DO YOU THINK? RELATE TO THINK, HOW DO YOU THINK? DO YOU LEARN TO THINK? THINK? DO YOU LEARN TO THINK? DOING E CONNOR CIVIL DO YOU LEARN TO THINK? DOING E CONNOR CIVIL ENGINEERING. DOING E CONNOR CIVIL ENGINEERING. >> IT IS A GREAT EDUCATION, IS ENGINEERING. >> IT IS A GREAT EDUCATION, IS YOU LEARN HOW TO THINK THROUGH >> IT IS A GREAT EDUCATION, IS YOU LEARN HOW TO THINK THROUGH PROBLEMS. YOU LEARN HOW TO THINK THROUGH PROBLEMS. I THINK IT IS, FOR EXAMPLE, A PROBLEMS. I THINK IT IS, FOR EXAMPLE, A LOT OF DEBATE IN ECONOMICS WORLD I THINK IT IS, FOR EXAMPLE, A LOT OF DEBATE IN ECONOMICS WORLD OF IS THE CASE STUDY METHOD LOT OF DEBATE IN ECONOMICS WORLD OF IS THE CASE STUDY METHOD SUPERIOR TO SORT OF THEORETICAL OF IS THE CASE STUDY METHOD SUPERIOR TO SORT OF THEORETICAL FRAMEWORK. SUPERIOR TO SORT OF THEORETICAL FRAMEWORK. I STRONGLY FAVOR THE THEORETICAL FRAMEWORK. I STRONGLY FAVOR THE THEORETICAL FRAMEWORK TYPE APPROACH TO I STRONGLY FAVOR THE THEORETICAL FRAMEWORK TYPE APPROACH TO LEARNING ECONOMICS BECAUSE IT FRAMEWORK TYPE APPROACH TO LEARNING ECONOMICS BECAUSE IT GIVES YOU A FOUNDATION FOR LEARNING ECONOMICS BECAUSE IT GIVES YOU A FOUNDATION FOR THINKING THROUGH PROBLEMS. GIVES YOU A FOUNDATION FOR THINKING THROUGH PROBLEMS. >> YOUR EMPLOYMENT HISTORY, AGE THINKING THROUGH PROBLEMS. >> YOUR EMPLOYMENT HISTORY, AGE 26, YOU STARTED WITH CAT. >> YOUR EMPLOYMENT HISTORY, AGE 26, YOU STARTED WITH CAT. YOUR STARTING SALARY, DO YOU 26, YOU STARTED WITH CAT. YOUR STARTING SALARY, DO YOU RECALL. YOUR STARTING SALARY, DO YOU RECALL. >> I DO. RECALL. >> I DO. >> AND CHIEF ECONOMIST OVERSEES >> I DO. >> AND CHIEF ECONOMIST OVERSEES GENEVA. >> AND CHIEF ECONOMIST OVERSEES GENEVA. AT THAT TIME THE PROFITS WERE GENEVA. AT THAT TIME THE PROFITS WERE CAPPED 128,000,055,000,000, YOU AT THAT TIME THE PROFITS WERE CAPPED 128,000,055,000,000, YOU TOURED JOE NAN HE IS BURG AND CAPPED 128,000,055,000,000, YOU TOURED JOE NAN HE IS BURG AND YOUR QUOTE, IT WAS BEING IN TOURED JOE NAN HE IS BURG AND YOUR QUOTE, IT WAS BEING IN ADULT LIKE DISNEY LAND. YOUR QUOTE, IT WAS BEING IN ADULT LIKE DISNEY LAND. DO YOU RECALL NA. ADULT LIKE DISNEY LAND. DO YOU RECALL NA. >> THE OPPORTUNITY TO LIVE AND DO YOU RECALL NA. >> THE OPPORTUNITY TO LIVE AND WORK IN GENEVA AND ENGAGE IN >> THE OPPORTUNITY TO LIVE AND WORK IN GENEVA AND ENGAGE IN THINKING ABOUT THE ECONOMIES OF WORK IN GENEVA AND ENGAGE IN THINKING ABOUT THE ECONOMIES OF ALL THESE VERY DIVERSE COUNTRIES THINKING ABOUT THE ECONOMIES OF ALL THESE VERY DIVERSE COUNTRIES FROM VERY DEVELOPING AFRICAN ALL THESE VERY DIVERSE COUNTRIES FROM VERY DEVELOPING AFRICAN COUNTRIES TO VERY MATURE, FROM VERY DEVELOPING AFRICAN COUNTRIES TO VERY MATURE, EUROPEAN COUNTRIES TO RUSSIA AND COUNTRIES TO VERY MATURE, EUROPEAN COUNTRIES TO RUSSIA AND VERY TIGHTLY CONTROLLED EASTERN EUROPEAN COUNTRIES TO RUSSIA AND VERY TIGHTLY CONTROLLED EASTERN EUROPEAN COMMUNIST COUNTRIES. VERY TIGHTLY CONTROLLED EASTERN EUROPEAN COMMUNIST COUNTRIES. IT WAS FASCINATING TO HAVE THE EUROPEAN COMMUNIST COUNTRIES. IT WAS FASCINATING TO HAVE THE OPPORTUNITY TO INDEPENDENT FACE IT WAS FASCINATING TO HAVE THE OPPORTUNITY TO INDEPENDENT FACE WITH SENIOR ECONOMISTS OPPORTUNITY TO INDEPENDENT FACE WITH SENIOR ECONOMISTS SPECIALIZING IN EACH OF THOSE WITH SENIOR ECONOMISTS SPECIALIZING IN EACH OF THOSE COUNTRIES, WORK WITH SPECIALIZING IN EACH OF THOSE COUNTRIES, WORK WITH GOVERNMENTS, WORK ON NOT ONLY COUNTRIES, WORK WITH GOVERNMENTS, WORK ON NOT ONLY FORECASTING MACHINE INDUSTRY GOVERNMENTS, WORK ON NOT ONLY FORECASTING MACHINE INDUSTRY SALES AND OUR SALES, BUT WORKING FORECASTING MACHINE INDUSTRY SALES AND OUR SALES, BUT WORKING ON PRICING STUDIES AND SOURCING SALES AND OUR SALES, BUT WORKING ON PRICING STUDIES AND SOURCING STUDIES THROUGHOUT THIS REGION. ON PRICING STUDIES AND SOURCING STUDIES THROUGHOUT THIS REGION. IT WAS A FABULOUS LEARNING STUDIES THROUGHOUT THIS REGION. IT WAS A FABULOUS LEARNING OPPORTUNITY AND TRAVEL IT WAS A FABULOUS LEARNING OPPORTUNITY AND TRAVEL OPPORTUNITY FOR ME AND THE FIVE OPPORTUNITY AND TRAVEL OPPORTUNITY FOR ME AND THE FIVE YEARS I WAS THERE I FELT IT WAS OPPORTUNITY FOR ME AND THE FIVE YEARS I WAS THERE I FELT IT WAS INVIGORATING EVERY DAY TO GO TO YEARS I WAS THERE I FELT IT WAS INVIGORATING EVERY DAY TO GO TO WORK. INVIGORATING EVERY DAY TO GO TO WORK. >> I WAS THINKING ABOUT THAT WORK. >> I WAS THINKING ABOUT THAT HISTORY WHERE WE ARE TODAY IN >> I WAS THINKING ABOUT THAT HISTORY WHERE WE ARE TODAY IN GLOBALIZATION. HISTORY WHERE WE ARE TODAY IN GLOBALIZATION. SO THAT PUTS YOU IN A PRETTY GLOBALIZATION. SO THAT PUTS YOU IN A PRETTY UNIQUE POSITION, IF YOU WILL, SO THAT PUTS YOU IN A PRETTY UNIQUE POSITION, IF YOU WILL, HAVING STUDIED THOSE DIFFERENT UNIQUE POSITION, IF YOU WILL, HAVING STUDIED THOSE DIFFERENT ECONOMIES AND COUNTRIES. HAVING STUDIED THOSE DIFFERENT ECONOMIES AND COUNTRIES. TODAY GLOBALIZATION WHICH WE ECONOMIES AND COUNTRIES. TODAY GLOBALIZATION WHICH WE WILL GET INTO IS A VERY FUTURE TODAY GLOBALIZATION WHICH WE WILL GET INTO IS A VERY FUTURE OF CAT'S BUSINESS PLAN. WILL GET INTO IS A VERY FUTURE OF CAT'S BUSINESS PLAN. >> RIGHT. OF CAT'S BUSINESS PLAN. >> RIGHT. >> IT WORKED OUT WELL. >> RIGHT. >> IT WORKED OUT WELL. >> GOOD START. >> IT WORKED OUT WELL. >> GOOD START. >> GOOD START. >> GOOD START. >> GOOD START. SOMETIMES WE FALL INTO GOOD >> GOOD START. SOMETIMES WE FALL INTO GOOD OPPORTUNITIES WITHOUT KNOWING WE SOMETIMES WE FALL INTO GOOD OPPORTUNITIES WITHOUT KNOWING WE HAVE. OPPORTUNITIES WITHOUT KNOWING WE HAVE. 82, 87 MANAGEMENT POSITIONS IN HAVE. 82, 87 MANAGEMENT POSITIONS IN PEORIA. 82, 87 MANAGEMENT POSITIONS IN PEORIA. I RECALL ONE OF YOUR JOBS WAS PEORIA. I RECALL ONE OF YOUR JOBS WAS WHICH OPERATIONS SHOULD BE I RECALL ONE OF YOUR JOBS WAS WHICH OPERATIONS SHOULD BE RETAINED AND WHICH SHOULD BE WHICH OPERATIONS SHOULD BE RETAINED AND WHICH SHOULD BE SOLD. RETAINED AND WHICH SHOULD BE SOLD. THERE WERE HARD DECISIONS. SOLD. THERE WERE HARD DECISIONS. >> VERY TOUGH TIME. THERE WERE HARD DECISIONS. >> VERY TOUGH TIME. ACTUALLY THAT WAS THE FIRST TWO >> VERY TOUGH TIME. ACTUALLY THAT WAS THE FIRST TWO YEARS I CAME BACK FROM EUROPE I ACTUALLY THAT WAS THE FIRST TWO YEARS I CAME BACK FROM EUROPE I WORKED ACTUALLY FOR GEORGE YEARS I CAME BACK FROM EUROPE I WORKED ACTUALLY FOR GEORGE SHAFFER WHO WAS THE CHIEF WORKED ACTUALLY FOR GEORGE SHAFFER WHO WAS THE CHIEF FINANCIAL OFFICER AT THE TIME. SHAFFER WHO WAS THE CHIEF FINANCIAL OFFICER AT THE TIME. AND MY CHALLENGE WAS TO LOOK AT FINANCIAL OFFICER AT THE TIME. AND MY CHALLENGE WAS TO LOOK AT THE MAJOR COMMODITY FAMILIES AND AND MY CHALLENGE WAS TO LOOK AT THE MAJOR COMMODITY FAMILIES AND THE KEY DECISIONS SHOULD WE MAKE THE MAJOR COMMODITY FAMILIES AND THE KEY DECISIONS SHOULD WE MAKE THESE IN-HOUSE OR SHOULD WE BUY THE KEY DECISIONS SHOULD WE MAKE THESE IN-HOUSE OR SHOULD WE BUY THEM FROM SUPPLIERS? THESE IN-HOUSE OR SHOULD WE BUY THEM FROM SUPPLIERS? THE IN EARLY 80'S, WE HAD A HUGE THEM FROM SUPPLIERS? THE IN EARLY 80'S, WE HAD A HUGE COST PROBLEM IN THE ECONOMY. THE IN EARLY 80'S, WE HAD A HUGE COST PROBLEM IN THE ECONOMY. OUR OWN FACTORIES IN JAPAN COULD COST PROBLEM IN THE ECONOMY. OUR OWN FACTORIES IN JAPAN COULD BUILD THE SAME PRODUCT WE WERE OUR OWN FACTORIES IN JAPAN COULD BUILD THE SAME PRODUCT WE WERE BILLING IN THE STATES FOR 50 BUILD THE SAME PRODUCT WE WERE BILLING IN THE STATES FOR 50 CENTS ON THE DOLLAR. BILLING IN THE STATES FOR 50 CENTS ON THE DOLLAR. THE JAPANESE YEN WAS 2.80 AT THE CENTS ON THE DOLLAR. THE JAPANESE YEN WAS 2.80 AT THE TIME. THE JAPANESE YEN WAS 2.80 AT THE TIME. WE WERE UNDER INTENSE TIME. WE WERE UNDER INTENSE COMPETITION, PRICE COMPETITION, WE WERE UNDER INTENSE COMPETITION, PRICE COMPETITION, LOSING MARKET SHARE AS YOU COMPETITION, PRICE COMPETITION, LOSING MARKET SHARE AS YOU RECALL IN THE EARLY 80'S WE LOST LOSING MARKET SHARE AS YOU RECALL IN THE EARLY 80'S WE LOST $3 MILLION A DAY FOR THREE RECALL IN THE EARLY 80'S WE LOST $3 MILLION A DAY FOR THREE YEARS. $3 MILLION A DAY FOR THREE YEARS. MOST OF THE AMERICAN COMPETITORS YEARS. MOST OF THE AMERICAN COMPETITORS WENT BANKRUPT. MOST OF THE AMERICAN COMPETITORS WENT BANKRUPT. WE HAD TO TAKE VERY SERIOUS WENT BANKRUPT. WE HAD TO TAKE VERY SERIOUS ACTION TO CLOSE THE NUMBER OF WE HAD TO TAKE VERY SERIOUS ACTION TO CLOSE THE NUMBER OF FACILITIES, TO LEVERAGE ACTION TO CLOSE THE NUMBER OF FACILITIES, TO LEVERAGE SUPPLIERS, DO A BETTER JOB OF FACILITIES, TO LEVERAGE SUPPLIERS, DO A BETTER JOB OF WORKING WITH THEM AND LOWER OUR SUPPLIERS, DO A BETTER JOB OF WORKING WITH THEM AND LOWER OUR COST STRUCTURE IN ORDER TO WORKING WITH THEM AND LOWER OUR COST STRUCTURE IN ORDER TO COMPETE. COST STRUCTURE IN ORDER TO COMPETE. WE MADE SOME PRETTY COURAGEOUS COMPETE. WE MADE SOME PRETTY COURAGEOUS DECISIONS AT THAT TIME TO KEEP WE MADE SOME PRETTY COURAGEOUS DECISIONS AT THAT TIME TO KEEP OUR PRICES IN LINE TO HOLD DECISIONS AT THAT TIME TO KEEP OUR PRICES IN LINE TO HOLD MARKET SHARE AND TO RESTRUCTURE OUR PRICES IN LINE TO HOLD MARKET SHARE AND TO RESTRUCTURE OUR COST TO ALLOW US TO STAY A MARKET SHARE AND TO RESTRUCTURE OUR COST TO ALLOW US TO STAY A MARKET LEADER. OUR COST TO ALLOW US TO STAY A MARKET LEADER. >> CRITICAL DECISIONS. MARKET LEADER. >> CRITICAL DECISIONS. VERY INTERESTING TIME AND VERY >> CRITICAL DECISIONS. VERY INTERESTING TIME AND VERY CONTENTIOUS TIME AROUND VERY INTERESTING TIME AND VERY CONTENTIOUS TIME AROUND CATERPILLAR. CONTENTIOUS TIME AROUND CATERPILLAR. >> ANOTHER QUOTE, IT WAS LIKE A CATERPILLAR. >> ANOTHER QUOTE, IT WAS LIKE A HOLY WAR. >> ANOTHER QUOTE, IT WAS LIKE A HOLY WAR. I WAS ON THE VERGE OF BEING HOLY WAR. I WAS ON THE VERGE OF BEING FIRED EVERY FEW WEEKS? I WAS ON THE VERGE OF BEING FIRED EVERY FEW WEEKS? DO YOU RECALL THAT? FIRED EVERY FEW WEEKS? DO YOU RECALL THAT? >> THAT WAS THE NATURE OF THE DO YOU RECALL THAT? >> THAT WAS THE NATURE OF THE TIMES. >> THAT WAS THE NATURE OF THE TIMES. WHEN YOU HAVE TO GO THROUGH TIMES. WHEN YOU HAVE TO GO THROUGH THOUGHTFUL ECONOMIC ASSESSMENT, WHEN YOU HAVE TO GO THROUGH THOUGHTFUL ECONOMIC ASSESSMENT, CAN WE BUY THIS FROM OUTSIDE THOUGHTFUL ECONOMIC ASSESSMENT, CAN WE BUY THIS FROM OUTSIDE SUPPLIER CHEAPER THAN WE CAN CAN WE BUY THIS FROM OUTSIDE SUPPLIER CHEAPER THAN WE CAN MAKE IT AND COME TO THE LOGICAL SUPPLIER CHEAPER THAN WE CAN MAKE IT AND COME TO THE LOGICAL CONCLUSION THAT WE CAN AND MAKE IT AND COME TO THE LOGICAL CONCLUSION THAT WE CAN AND THEREFORE WE SHOULD CLOSE THIS CONCLUSION THAT WE CAN AND THEREFORE WE SHOULD CLOSE THIS PLANT, VERY GOOD PEOPLE GET VERY THEREFORE WE SHOULD CLOSE THIS PLANT, VERY GOOD PEOPLE GET VERY EMOTIONAL ABOUT SUCH SUBJECTS. PLANT, VERY GOOD PEOPLE GET VERY EMOTIONAL ABOUT SUCH SUBJECTS. RIGHTFULLY SO. EMOTIONAL ABOUT SUCH SUBJECTS. RIGHTFULLY SO. I MEAN IT WAS -- IT WAS A RIGHTFULLY SO. I MEAN IT WAS -- IT WAS A DIFFICULT -- DIFFICULT ERA OF I MEAN IT WAS -- IT WAS A DIFFICULT -- DIFFICULT ERA OF TRANSITIONING FOR CATERPILLAR. DIFFICULT -- DIFFICULT ERA OF TRANSITIONING FOR CATERPILLAR. WE WEREN'T -- WE WERE VERY TRANSITIONING FOR CATERPILLAR. WE WEREN'T -- WE WERE VERY FUNCTIONAL, IF YOU WILL, AT THAT WE WEREN'T -- WE WERE VERY FUNCTIONAL, IF YOU WILL, AT THAT TIME AND NOT VERY -- WE DIDN'T FUNCTIONAL, IF YOU WILL, AT THAT TIME AND NOT VERY -- WE DIDN'T HAVE GOOD INTEGRATED BUSINESS TIME AND NOT VERY -- WE DIDN'T HAVE GOOD INTEGRATED BUSINESS THINKING ACROSS ALL FUNCTIONAL HAVE GOOD INTEGRATED BUSINESS THINKING ACROSS ALL FUNCTIONAL GROUPS IN TERMS OF HOW TO BE THINKING ACROSS ALL FUNCTIONAL GROUPS IN TERMS OF HOW TO BE SUCCESSFUL. GROUPS IN TERMS OF HOW TO BE SUCCESSFUL. >> I WAS THINKING ABOUT THAT SUCCESSFUL. >> I WAS THINKING ABOUT THAT ISSUE OF BUSINESS UNIT. >> I WAS THINKING ABOUT THAT ISSUE OF BUSINESS UNIT. THE ENTERPRENEUR, THE PRIVATE ISSUE OF BUSINESS UNIT. THE ENTERPRENEUR, THE PRIVATE EQUITY PERSON MAY HAVE GREEN THE ENTERPRENEUR, THE PRIVATE EQUITY PERSON MAY HAVE GREEN EYES. EQUITY PERSON MAY HAVE GREEN EYES. THE INDIVIDUAL WHO HIRES ON WITH EYES. THE INDIVIDUAL WHO HIRES ON WITH CAT MAY NOT HAVE GREEN EYES. THE INDIVIDUAL WHO HIRES ON WITH CAT MAY NOT HAVE GREEN EYES. YOU ARE AT THE CROSSROADS THERE. CAT MAY NOT HAVE GREEN EYES. YOU ARE AT THE CROSSROADS THERE. YOU ARE TRYING TO CONVERT THE YOU ARE AT THE CROSSROADS THERE. YOU ARE TRYING TO CONVERT THE COLOR OF SOMEONE'S EYES. YOU ARE TRYING TO CONVERT THE COLOR OF SOMEONE'S EYES. IS THAT A FAIR ANALYSIS OR NOT? COLOR OF SOMEONE'S EYES. IS THAT A FAIR ANALYSIS OR NOT? >> NO, I THINK IN THE EARLY IS THAT A FAIR ANALYSIS OR NOT? >> NO, I THINK IN THE EARLY 80'S, MID 80'S, WE WENT THROUGH >> NO, I THINK IN THE EARLY 80'S, MID 80'S, WE WENT THROUGH A TRANSITIONAL PHASE OF TRYING 80'S, MID 80'S, WE WENT THROUGH A TRANSITIONAL PHASE OF TRYING TO HELP CATERPILLAR PEOPLE MAYBE A TRANSITIONAL PHASE OF TRYING TO HELP CATERPILLAR PEOPLE MAYBE SPECTACULARLY GOOD ENGINEERS OR TO HELP CATERPILLAR PEOPLE MAYBE SPECTACULARLY GOOD ENGINEERS OR MANUFACTURING PEOPLE WHO ONLY SPECTACULARLY GOOD ENGINEERS OR MANUFACTURING PEOPLE WHO ONLY THOUGHT ABOUT THEIR SORT OF MANUFACTURING PEOPLE WHO ONLY THOUGHT ABOUT THEIR SORT OF COMPETENCE, IF YOU WILL, IN THAT THOUGHT ABOUT THEIR SORT OF COMPETENCE, IF YOU WILL, IN THAT TURCHTIONNAL EXPERTISE. COMPETENCE, IF YOU WILL, IN THAT TURCHTIONNAL EXPERTISE. WE WERE TRYING TO RETRAIN THEM TURCHTIONNAL EXPERTISE. WE WERE TRYING TO RETRAIN THEM TO THINK ABOUT WHO WE WERE WE WERE TRYING TO RETRAIN THEM TO THINK ABOUT WHO WE WERE COMPETING AGAINST, WHAT IS THEIR TO THINK ABOUT WHO WE WERE COMPETING AGAINST, WHAT IS THEIR COST STRUCTURE, HOW DO WE DESIGN COMPETING AGAINST, WHAT IS THEIR COST STRUCTURE, HOW DO WE DESIGN PRODUCT AND MANUFACTURING COST STRUCTURE, HOW DO WE DESIGN PRODUCT AND MANUFACTURING STRATEGIES SOURCES STRATEGIES PRODUCT AND MANUFACTURING STRATEGIES SOURCES STRATEGIES THAT WILL ALLOW US TO STRATEGIES SOURCES STRATEGIES THAT WILL ALLOW US TO EFFECTIVELY COMPETE PROFIT AT THAT WILL ALLOW US TO EFFECTIVELY COMPETE PROFIT AT THAT BLY. EFFECTIVELY COMPETE PROFIT AT THAT BLY. IT WAS A CHALLENGING TRANSITION. THAT BLY. IT WAS A CHALLENGING TRANSITION. GEORGE SHAFFER WENT THROUGH WITH IT WAS A CHALLENGING TRANSITION. GEORGE SHAFFER WENT THROUGH WITH HIS STRATEGIC PLANNING GEORGE SHAFFER WENT THROUGH WITH HIS STRATEGIC PLANNING COMMITTEE, VERY THOUGHTFUL HIS STRATEGIC PLANNING COMMITTEE, VERY THOUGHTFUL ASSESSMENT HOW DO WE TAKE THIS COMMITTEE, VERY THOUGHTFUL ASSESSMENT HOW DO WE TAKE THIS BIG MONOLITHIC CATERPILLAR WHICH ASSESSMENT HOW DO WE TAKE THIS BIG MONOLITHIC CATERPILLAR WHICH HAD GOTTEN PRETTY BUREAUCRATIC BIG MONOLITHIC CATERPILLAR WHICH HAD GOTTEN PRETTY BUREAUCRATIC AND BREAK IT INTO HAD GOTTEN PRETTY BUREAUCRATIC AND BREAK IT INTO ENTREPRENEURIAL BUSINESS UNITS AND BREAK IT INTO ENTREPRENEURIAL BUSINESS UNITS AND FOCUSED ON THE COMPETITION ENTREPRENEURIAL BUSINESS UNITS AND FOCUSED ON THE COMPETITION AND WINNING AND DEVELOPING AND FOCUSED ON THE COMPETITION AND WINNING AND DEVELOPING PROFITANT. AND WINNING AND DEVELOPING PROFITANT. IT WAS A HUGE UPHEAVAL IN THE PROFITANT. IT WAS A HUGE UPHEAVAL IN THE COMPANY AT THE END OF THE 80'S. IT WAS A HUGE UPHEAVAL IN THE COMPANY AT THE END OF THE 80'S. WE DID A LOT TO CHIP AWAY AT COMPANY AT THE END OF THE 80'S. WE DID A LOT TO CHIP AWAY AT GETTING THE COST STRUCTURE WE DID A LOT TO CHIP AWAY AT GETTING THE COST STRUCTURE IMPROVE. GETTING THE COST STRUCTURE IMPROVE. WE STILL WEREN'T THERE. IMPROVE. WE STILL WEREN'T THERE. THE BIG RENAISSANCE CAME WITH WE STILL WEREN'T THERE. THE BIG RENAISSANCE CAME WITH THE STRATEGY OF BREAKING THE THE BIG RENAISSANCE CAME WITH THE STRATEGY OF BREAKING THE COMPANY INTO BUSINESS UNITS THAT THE STRATEGY OF BREAKING THE COMPANY INTO BUSINESS UNITS THAT WERE MUCH MORE ENTREPRENEURIAL, COMPANY INTO BUSINESS UNITS THAT WERE MUCH MORE ENTREPRENEURIAL, AND REALLY THOUGHT TO BE WERE MUCH MORE ENTREPRENEURIAL, AND REALLY THOUGHT TO BE SUCCESSFULLY PROFITABLE AND TO AND REALLY THOUGHT TO BE SUCCESSFULLY PROFITABLE AND TO BEAT THE COMPETITION IN EACH OF SUCCESSFULLY PROFITABLE AND TO BEAT THE COMPETITION IN EACH OF THE MARKET SEGMENTS WE SERVED. BEAT THE COMPETITION IN EACH OF THE MARKET SEGMENTS WE SERVED. >> THAT'S THE POINT. THE MARKET SEGMENTS WE SERVED. >> THAT'S THE POINT. YOU ARE TELLING ONE PERSON ONE >> THAT'S THE POINT. YOU ARE TELLING ONE PERSON ONE WAY AND CAME UNDER ONE SYSTEM, YOU ARE TELLING ONE PERSON ONE WAY AND CAME UNDER ONE SYSTEM, NOW TO CHANGE. WAY AND CAME UNDER ONE SYSTEM, NOW TO CHANGE. >> THIS WAS A RENAISSANCE AT NOW TO CHANGE. >> THIS WAS A RENAISSANCE AT CATERPILLAR. >> THIS WAS A RENAISSANCE AT CATERPILLAR. ND IT TOOK A FEW CATERPILLAR. ND IT TOOK A FEW YEARS, AND TRANSITION DON FITES ND IT TOOK A FEW YEARS, AND TRANSITION DON FITES LED THE TRANSITION TWO BUSINESS YEARS, AND TRANSITION DON FITES LED THE TRANSITION TWO BUSINESS UNITS GETTING THE RIGHT LED THE TRANSITION TWO BUSINESS UNITS GETTING THE RIGHT FINANCIAL METRICS IN PLACE, UNITS GETTING THE RIGHT FINANCIAL METRICS IN PLACE, SETTING GOALS AT THE BUSINESS FINANCIAL METRICS IN PLACE, SETTING GOALS AT THE BUSINESS UNIT LEVEL, GIVING THEM THE SETTING GOALS AT THE BUSINESS UNIT LEVEL, GIVING THEM THE AUTONOMY TO MAKE DECISIONS. UNIT LEVEL, GIVING THEM THE AUTONOMY TO MAKE DECISIONS. THIS WAS A CHALLENGING, BUT I AUTONOMY TO MAKE DECISIONS. THIS WAS A CHALLENGING, BUT I WOULD SAY VERY INVIGORATING TIME THIS WAS A CHALLENGING, BUT I WOULD SAY VERY INVIGORATING TIME THAT WAS A REAL RENAISSANCE FROM WOULD SAY VERY INVIGORATING TIME THAT WAS A REAL RENAISSANCE FROM A BUSINESS PERSPECTIVE WITHIN THAT WAS A REAL RENAISSANCE FROM A BUSINESS PERSPECTIVE WITHIN THE COMPANY. A BUSINESS PERSPECTIVE WITHIN THE COMPANY. IT WAS REAL RENAISSANCE WITHIN THE COMPANY. IT WAS REAL RENAISSANCE WITHIN THE COMPANY. IT WAS REAL RENAISSANCE WITHIN THE COMPANY. >> AND RETURN -- I EXPECT A THE COMPANY. >> AND RETURN -- I EXPECT A RETURN ON INVESTED CAPITAL WITH >> AND RETURN -- I EXPECT A RETURN ON INVESTED CAPITAL WITH PERHAPS FOREIGN, PARDON THE PUN RETURN ON INVESTED CAPITAL WITH PERHAPS FOREIGN, PARDON THE PUN OF FOREIGN OPPORTUNITY OR IDEA PERHAPS FOREIGN, PARDON THE PUN OF FOREIGN OPPORTUNITY OR IDEA FOR SOME OF THOSE PEOPLE. OF FOREIGN OPPORTUNITY OR IDEA FOR SOME OF THOSE PEOPLE. >> IT WAS A NEW THOUGHT. FOR SOME OF THOSE PEOPLE. >> IT WAS A NEW THOUGHT. >> A NEW THOUGHT. >> IT WAS A NEW THOUGHT. >> A NEW THOUGHT. >> AND THE SECOND QUESTION YOU >> A NEW THOUGHT. >> AND THE SECOND QUESTION YOU ARE ASKED, WHAT DO YOU DO. >> AND THE SECOND QUESTION YOU ARE ASKED, WHAT DO YOU DO. AND IN YOUR POSITION, WELL, NOT ARE ASKED, WHAT DO YOU DO. AND IN YOUR POSITION, WELL, NOT THE C.E.O. AT THAT TIME, YOU AND IN YOUR POSITION, WELL, NOT THE C.E.O. AT THAT TIME, YOU NONETHELESS HAD TO RECOMMEND THE C.E.O. AT THAT TIME, YOU NONETHELESS HAD TO RECOMMEND TERMINATION OF A LOT OF NONETHELESS HAD TO RECOMMEND TERMINATION OF A LOT OF EMPLOYEES. TERMINATION OF A LOT OF EMPLOYEES. >> WELL, WE HAD TO RIGHT SIZE EMPLOYEES. >> WELL, WE HAD TO RIGHT SIZE OUR COMPANY AND TO BEGIN TO >> WELL, WE HAD TO RIGHT SIZE OUR COMPANY AND TO BEGIN TO CONCENTRATE ON MAKING THE THINGS OUR COMPANY AND TO BEGIN TO CONCENTRATE ON MAKING THE THINGS WE COULD MAKE COST COMPETITIVELY CONCENTRATE ON MAKING THE THINGS WE COULD MAKE COST COMPETITIVELY IN ORDER TO SURVIVE IN AN WE COULD MAKE COST COMPETITIVELY IN ORDER TO SURVIVE IN AN INCREASINGLY COMPETITIVE WORLD IN ORDER TO SURVIVE IN AN INCREASINGLY COMPETITIVE WORLD MARKET ENVIRONMENT. WE SPENT A INCREASINGLY COMPETITIVE WORLD MARKET ENVIRONMENT. WE SPENT A LOT OF TIME IN THAT PERIOD MARKET ENVIRONMENT. WE SPENT A LOT OF TIME IN THAT PERIOD TRYING TO HELP, FOR EXAMPLE, LOT OF TIME IN THAT PERIOD TRYING TO HELP, FOR EXAMPLE, UNITED AUTO WORKERS UNDERSTAND TRYING TO HELP, FOR EXAMPLE, UNITED AUTO WORKERS UNDERSTAND WE HAD TO COMPETE -- MOST OF OUR UNITED AUTO WORKERS UNDERSTAND WE HAD TO COMPETE -- MOST OF OUR PRODUCTS WERE BEING EXPORTED. WE HAD TO COMPETE -- MOST OF OUR PRODUCTS WERE BEING EXPORTED. WE HAD TO COMPETE WITH THE PRODUCTS WERE BEING EXPORTED. WE HAD TO COMPETE WITH THE STRONGEST COMPANIES IN JAPAN AND WE HAD TO COMPETE WITH THE STRONGEST COMPANIES IN JAPAN AND EUROPE ON THE BASIS OF BETTER STRONGEST COMPANIES IN JAPAN AND EUROPE ON THE BASIS OF BETTER PRO PRODUCT QUALITY AND BETTER EUROPE ON THE BASIS OF BETTER PRO PRODUCT QUALITY AND BETTER PRICE IF WE WERE GOING TO PRO PRODUCT QUALITY AND BETTER PRICE IF WE WERE GOING TO SUCCEED. PRICE IF WE WERE GOING TO SUCCEED. >> LET'S GO BACK TO THE FOUR OF SUCCEED. >> LET'S GO BACK TO THE FOUR OF US. >> LET'S GO BACK TO THE FOUR OF US. ALL FOUR FROM RELATIVELY SMALL US. ALL FOUR FROM RELATIVELY SMALL ENVIRONMENTS, ALL FROM VERY ALL FOUR FROM RELATIVELY SMALL ENVIRONMENTS, ALL FROM VERY BOTTOM OF CATERPILLAR TO THE TOP ENVIRONMENTS, ALL FROM VERY BOTTOM OF CATERPILLAR TO THE TOP OF CATERPILLAR, AND THAT PLAN BOTTOM OF CATERPILLAR TO THE TOP OF CATERPILLAR, AND THAT PLAN THAT SUCCESSION PLAN SUGGESTS OF CATERPILLAR, AND THAT PLAN THAT SUCCESSION PLAN SUGGESTS ANYONE HAS AN OPPORTUNITY, ANY THAT SUCCESSION PLAN SUGGESTS ANYONE HAS AN OPPORTUNITY, ANY DIFFERENT WALKS OF LIFE. ANYONE HAS AN OPPORTUNITY, ANY DIFFERENT WALKS OF LIFE. DIFFERENT GEE GRAPHICAL DIFFERENT WALKS OF LIFE. DIFFERENT GEE GRAPHICAL AREAS, DIFFERENT GEE GRAPHICAL AREAS, AND SOMEONE AT THE BEGINNING OF AREAS, AND SOMEONE AT THE BEGINNING OF THE CAREER CAN RISE TO THE TOP. AND SOMEONE AT THE BEGINNING OF THE CAREER CAN RISE TO THE TOP. >> YOU BET. THE CAREER CAN RISE TO THE TOP. >> YOU BET. I THINK WE HAVE A TERRIFIC >> YOU BET. I THINK WE HAVE A TERRIFIC SUCCESSION PLANNING PROCESS I THINK WE HAVE A TERRIFIC SUCCESSION PLANNING PROCESS BEING AND IT HAS BEEN EVOLVING SUCCESSION PLANNING PROCESS BEING AND IT HAS BEEN EVOLVING OVER THE YEARS AND AN CERTAINLY BEING AND IT HAS BEEN EVOLVING OVER THE YEARS AND AN CERTAINLY IT WAS IN PLACE EVEN BEFORE OVER THE YEARS AND AN CERTAINLY IT WAS IN PLACE EVEN BEFORE GEORGE'S ERA. IT WAS IN PLACE EVEN BEFORE GEORGE'S ERA. WE CONTINUE TO NURTURE IT ALL GEORGE'S ERA. WE CONTINUE TO NURTURE IT ALL ALONG. WE CONTINUE TO NURTURE IT ALL ALONG. VERY ACTIVE ENGAGEMENT OF OUR ALONG. VERY ACTIVE ENGAGEMENT OF OUR DEPARTMENT HEADS AND VICE VERY ACTIVE ENGAGEMENT OF OUR DEPARTMENT HEADS AND VICE PRESIDENT S ACROSS THE COMPANY DEPARTMENT HEADS AND VICE PRESIDENT S ACROSS THE COMPANY IDENTIFYING HYPOTENSION PEOPLE, PRESIDENT S ACROSS THE COMPANY IDENTIFYING HYPOTENSION PEOPLE, BEING SURE WE VEST THEM WITH IDENTIFYING HYPOTENSION PEOPLE, BEING SURE WE VEST THEM WITH EDUCATIONAL OPPORTUNITIES, BEING SURE WE VEST THEM WITH EDUCATIONAL OPPORTUNITIES, DIFFERENT BUSINESS EXPERIENCE EDUCATIONAL OPPORTUNITIES, DIFFERENT BUSINESS EXPERIENCE OPPORTUNITIES AND GRADUALLY DIFFERENT BUSINESS EXPERIENCE OPPORTUNITIES AND GRADUALLY BUILDING ON THEIR STRENGTHS AND OPPORTUNITIES AND GRADUALLY BUILDING ON THEIR STRENGTHS AND CONTINUE TO EVALUATE AND COACH BUILDING ON THEIR STRENGTHS AND CONTINUE TO EVALUATE AND COACH THEM TO BE IN A POSITION TO CONTINUE TO EVALUATE AND COACH THEM TO BE IN A POSITION TO PROMOTE FROM WITHIN WHICH I THEM TO BE IN A POSITION TO PROMOTE FROM WITHIN WHICH I THINK IS THE HALLMARK OF A PROMOTE FROM WITHIN WHICH I THINK IS THE HALLMARK OF A REALLY STRONG COMPANY. THINK IS THE HALLMARK OF A REALLY STRONG COMPANY. >> JIM, DON'T YOU HAVE 300,000 REALLY STRONG COMPANY. >> JIM, DON'T YOU HAVE 300,000 PLUS PEOPLE LOOKING AT YOU? >> JIM, DON'T YOU HAVE 300,000 PLUS PEOPLE LOOKING AT YOU? >> WELL, YOU DIDN'T COUNT ALL PLUS PEOPLE LOOKING AT YOU? >> WELL, YOU DIDN'T COUNT ALL THE SUPPLIERS, DEALERS. >> WELL, YOU DIDN'T COUNT ALL THE SUPPLIERS, DEALERS. >> NO (LAUGHING). THE SUPPLIERS, DEALERS. >> NO (LAUGHING). >> WE TOUCH -- EVEN THE GLOBAL >> NO (LAUGHING). >> WE TOUCH -- EVEN THE GLOBAL ECONOMY IN MANY, MANY WAYS. >> WE TOUCH -- EVEN THE GLOBAL ECONOMY IN MANY, MANY WAYS. CATERPILLAR DEAL NERS THE WORLD ECONOMY IN MANY, MANY WAYS. CATERPILLAR DEAL NERS THE WORLD ALL DEPENDENT ON US HAVE MORE CATERPILLAR DEAL NERS THE WORLD ALL DEPENDENT ON US HAVE MORE EMPLOYEES AND CAPITAL INVESTED ALL DEPENDENT ON US HAVE MORE EMPLOYEES AND CAPITAL INVESTED THAN WE DO. EMPLOYEES AND CAPITAL INVESTED THAN WE DO. THEY REPRESENT 60% OF OUR SALES THAN WE DO. THEY REPRESENT 60% OF OUR SALES GO THROUGH THE CAT BRANDED THEY REPRESENT 60% OF OUR SALES GO THROUGH THE CAT BRANDED DEALERS. GO THROUGH THE CAT BRANDED DEALERS. THEN OUR SUPPLIERS, I DON'T EVEN DEALERS. THEN OUR SUPPLIERS, I DON'T EVEN KNOW HOW MANY, WE ONLY TAKE A THEN OUR SUPPLIERS, I DON'T EVEN KNOW HOW MANY, WE ONLY TAKE A PORTION OF THEIR OUTPUT. KNOW HOW MANY, WE ONLY TAKE A PORTION OF THEIR OUTPUT. 30,000 SUPPLIERS IS WHAT YOU PORTION OF THEIR OUTPUT. 30,000 SUPPLIERS IS WHAT YOU HAVE. 30,000 SUPPLIERS IS WHAT YOU HAVE. >> I MEAN IN TERMS OF HOW MANY HAVE. >> I MEAN IN TERMS OF HOW MANY EMPLOYEES AND THOSE SUPPLIERS, >> I MEAN IN TERMS OF HOW MANY EMPLOYEES AND THOSE SUPPLIERS, IT IS A BIG NUMBER. EMPLOYEES AND THOSE SUPPLIERS, IT IS A BIG NUMBER. BUT, YEAH, I DO WAKE UP AND IT IS A BIG NUMBER. BUT, YEAH, I DO WAKE UP AND THINK ABOUT THAT OFTEN. BUT, YEAH, I DO WAKE UP AND THINK ABOUT THAT OFTEN. IT IS IMPORTANT THAT WE BE THINK ABOUT THAT OFTEN. IT IS IMPORTANT THAT WE BE SUCCESSFUL. IT IS IMPORTANT THAT WE BE SUCCESSFUL. A LOT OF PEOPLE ARE COUNTING ON SUCCESSFUL. A LOT OF PEOPLE ARE COUNTING ON US TO MAKE GOOD DECISIONS AND TO A LOT OF PEOPLE ARE COUNTING ON US TO MAKE GOOD DECISIONS AND TO CONTINUALLY POSITION THE COMPANY US TO MAKE GOOD DECISIONS AND TO CONTINUALLY POSITION THE COMPANY FOR SUCCESS IN THE GLOBAL CONTINUALLY POSITION THE COMPANY FOR SUCCESS IN THE GLOBAL MARKETPLACE. FOR SUCCESS IN THE GLOBAL MARKETPLACE. >> BUSINESS IS NECESSARILY MARKETPLACE. >> BUSINESS IS NECESSARILY ASSETS AND LOCATIONS, >> BUSINESS IS NECESSARILY ASSETS AND LOCATIONS, TRADEMARKS, COPYRIGHT, A ASSETS AND LOCATIONS, TRADEMARKS, COPYRIGHT, A BUSINESS IN YOUR SENSE IS REALLY TRADEMARKS, COPYRIGHT, A BUSINESS IN YOUR SENSE IS REALLY PEOPLE? BUSINESS IN YOUR SENSE IS REALLY PEOPLE? >> ABSOLUTELY. PEOPLE? >> ABSOLUTELY. >> SOME PEOPLE LOSE SIGHT OF >> ABSOLUTELY. >> SOME PEOPLE LOSE SIGHT OF THAT, YOUR JOB IS REALLY >> SOME PEOPLE LOSE SIGHT OF THAT, YOUR JOB IS REALLY THINKING, MANAGING PEOPLE, THAT, YOUR JOB IS REALLY THINKING, MANAGING PEOPLE, MOTIVATING PEOPLE, STRATEGY, THINKING, MANAGING PEOPLE, MOTIVATING PEOPLE, STRATEGY, IMPLEMENTATION AND THE LIKE. MOTIVATING PEOPLE, STRATEGY, IMPLEMENTATION AND THE LIKE. SO MANY PEOPLE THINK OF BUSINESS IMPLEMENTATION AND THE LIKE. SO MANY PEOPLE THINK OF BUSINESS AS SOMETHING BRICKS AND MORTAR. SO MANY PEOPLE THINK OF BUSINESS AS SOMETHING BRICKS AND MORTAR. >> YES. AS SOMETHING BRICKS AND MORTAR. >> YES. TRICK IS ALWAYS HOW DO LAY OUT A >> YES. TRICK IS ALWAYS HOW DO LAY OUT A CLEAR BUSINESS STRATEGY, HOW TO TRICK IS ALWAYS HOW DO LAY OUT A CLEAR BUSINESS STRATEGY, HOW TO GET SEVERAL THOUSAND LEADERS CLEAR BUSINESS STRATEGY, HOW TO GET SEVERAL THOUSAND LEADERS AROUND THE WORLD ENGAGED, GET SEVERAL THOUSAND LEADERS AROUND THE WORLD ENGAGED, INSPIRED TO LEAD DELIVERY, AROUND THE WORLD ENGAGED, INSPIRED TO LEAD DELIVERY, EXECUTION OF THAT STRATEGY AND INSPIRED TO LEAD DELIVERY, EXECUTION OF THAT STRATEGY AND TO FAIRLY AND EFFECTIVELY MANAGE EXECUTION OF THAT STRATEGY AND TO FAIRLY AND EFFECTIVELY MANAGE ALL THE PEOPLE THAT WORK FOR TO FAIRLY AND EFFECTIVELY MANAGE ALL THE PEOPLE THAT WORK FOR THEM. ALL THE PEOPLE THAT WORK FOR THEM. >> LET ME SUPPORT WHAT YOU SAID. THEM. >> LET ME SUPPORT WHAT YOU SAID. GENTLEMEN BY THE NAME OF JAMES >> LET ME SUPPORT WHAT YOU SAID. GENTLEMEN BY THE NAME OF JAMES WOMACK OF THE LEAN ENTERPRISE GENTLEMEN BY THE NAME OF JAMES WOMACK OF THE LEAN ENTERPRISE THINK INSTITUTE IN CAMBRIDGE WOMACK OF THE LEAN ENTERPRISE THINK INSTITUTE IN CAMBRIDGE COMPARING CAT, GE AND BOEING, THINK INSTITUTE IN CAMBRIDGE COMPARING CAT, GE AND BOEING, CAT'S POSITION OF THE THREE IS COMPARING CAT, GE AND BOEING, CAT'S POSITION OF THE THREE IS THE MOST SECURE BECAUSE THERE IS CAT'S POSITION OF THE THREE IS THE MOST SECURE BECAUSE THERE IS SO MUCH KNOWLEDGE EMBEDDED IN THE MOST SECURE BECAUSE THERE IS SO MUCH KNOWLEDGE EMBEDDED IN WHAT THEY MAKE. SO MUCH KNOWLEDGE EMBEDDED IN WHAT THEY MAKE. ASIDE FROM THE APPROACH THAT YOU WHAT THEY MAKE. ASIDE FROM THE APPROACH THAT YOU HAVE DEMONSTRATED, AT LEAST ONE ASIDE FROM THE APPROACH THAT YOU HAVE DEMONSTRATED, AT LEAST ONE INDIVIDUAL AGREES WITH YOU, BUT HAVE DEMONSTRATED, AT LEAST ONE INDIVIDUAL AGREES WITH YOU, BUT FOR A DIFFERENT REASON. INDIVIDUAL AGREES WITH YOU, BUT FOR A DIFFERENT REASON. >> I THINK HE IS ABSOLUTELY FOR A DIFFERENT REASON. >> I THINK HE IS ABSOLUTELY RIGHT, OF COURSE. >> I THINK HE IS ABSOLUTELY RIGHT, OF COURSE. >> (LAUGHING). RIGHT, OF COURSE. >> (LAUGHING). >> THEY HAVE GOT A LOT OF >> (LAUGHING). >> THEY HAVE GOT A LOT OF KNOWLEDGE EM EMBEDDED IN WHAT >> THEY HAVE GOT A LOT OF KNOWLEDGE EM EMBEDDED IN WHAT THEY HAVE ALSO. KNOWLEDGE EM EMBEDDED IN WHAT THEY HAVE ALSO. THE TYPES AND PRODUCTS, THEY HAVE ALSO. THE TYPES AND PRODUCTS, MACHINES, ENGINES, TURBINES, AND THE TYPES AND PRODUCTS, MACHINES, ENGINES, TURBINES, AND RELATED SERVICES THAT GO WITH MACHINES, ENGINES, TURBINES, AND RELATED SERVICES THAT GO WITH THEM ARE ABSOLUTELY ESSENTIAL RELATED SERVICES THAT GO WITH THEM ARE ABSOLUTELY ESSENTIAL FOR THE WORLD ECONOMY TO DEVELOP THEM ARE ABSOLUTELY ESSENTIAL FOR THE WORLD ECONOMY TO DEVELOP AND WE HAVE A NUMBER ONE OR FOR THE WORLD ECONOMY TO DEVELOP AND WE HAVE A NUMBER ONE OR NUMBER TWO LEADERSHIP POSITION AND WE HAVE A NUMBER ONE OR NUMBER TWO LEADERSHIP POSITION THE WORLD OVER FOR THOSE NUMBER TWO LEADERSHIP POSITION THE WORLD OVER FOR THOSE PRODUCTS. THE WORLD OVER FOR THOSE PRODUCTS. WE HAVE THE LEADING BRAND. PRODUCTS. WE HAVE THE LEADING BRAND. WE HAVE THIS FOOTPRINT, I THINK WE HAVE THE LEADING BRAND. WE HAVE THIS FOOTPRINT, I THINK OUR BUSINESS UNIT STRUCTURE WE HAVE THIS FOOTPRINT, I THINK OUR BUSINESS UNIT STRUCTURE STILL SERVES US VERY WELL. OUR BUSINESS UNIT STRUCTURE STILL SERVES US VERY WELL. WE ARE INVESTING MORE IN THE STILL SERVES US VERY WELL. WE ARE INVESTING MORE IN THE TECHNOLOGIES THAT WE NEED THAN WE ARE INVESTING MORE IN THE TECHNOLOGIES THAT WE NEED THAN ANY OTHER PLAYER IN OUR TECHNOLOGIES THAT WE NEED THAN ANY OTHER PLAYER IN OUR INDUSTRY. ANY OTHER PLAYER IN OUR INDUSTRY. SO THAT'S A PRETTY STRONG INDUSTRY. SO THAT'S A PRETTY STRONG POSITION. SO THAT'S A PRETTY STRONG POSITION. >> YES, AND I WAS THINKING OF POSITION. >> YES, AND I WAS THINKING OF SAYING THE SAME THING I BELIEVE >> YES, AND I WAS THINKING OF SAYING THE SAME THING I BELIEVE YOU JUST SAID THE PRED KIT FOR SAYING THE SAME THING I BELIEVE YOU JUST SAID THE PRED KIT FOR DEVELOPING NATION IS ROADS, YOU JUST SAID THE PRED KIT FOR DEVELOPING NATION IS ROADS, SEWERS INFRASTRUCTURE, AND GUESS DEVELOPING NATION IS ROADS, SEWERS INFRASTRUCTURE, AND GUESS WHAT YOU HAVE TO HAVE TO MAKE SEWERS INFRASTRUCTURE, AND GUESS WHAT YOU HAVE TO HAVE TO MAKE THOSE IN. WHAT YOU HAVE TO HAVE TO MAKE THOSE IN. >> THROW IN AIRPORTS, AND ALL THOSE IN. >> THROW IN AIRPORTS, AND ALL THE ABOVE. >> THROW IN AIRPORTS, AND ALL THE ABOVE. >> AND GE IS NOT IN THE SAME THE ABOVE. >> AND GE IS NOT IN THE SAME POSITION. >> AND GE IS NOT IN THE SAME POSITION. I.B.M. IS NOT IN THE SAME POSITION. I.B.M. IS NOT IN THE SAME POSITION. I.B.M. IS NOT IN THE SAME POSITION. BOEING IS NOT THE SAME POSITION. POSITION. BOEING IS NOT THE SAME POSITION. CAT IS FIRST THINKING ABOUT YOUR BOEING IS NOT THE SAME POSITION. CAT IS FIRST THINKING ABOUT YOUR FIRST . CAT IS FIRST THINKING ABOUT YOUR FIRST . >> FIRST MAJOR DECISIONS, SOVIET FIRST . >> FIRST MAJOR DECISIONS, SOVIET UNION AND CHINA OFFER THE >> FIRST MAJOR DECISIONS, SOVIET UNION AND CHINA OFFER THE LONG-TERM BEST OPPORTUNITY? UNION AND CHINA OFFER THE LONG-TERM BEST OPPORTUNITY? DO YOU RECALL THAT. LONG-TERM BEST OPPORTUNITY? DO YOU RECALL THAT. >> I WISH TO DEBATE THAT AT DO YOU RECALL THAT. >> I WISH TO DEBATE THAT AT LENGTH WHEN THEY WERE COMMUNIST >> I WISH TO DEBATE THAT AT LENGTH WHEN THEY WERE COMMUNIST POWERS THAT WE VIRTUALLY DID NO LENGTH WHEN THEY WERE COMMUNIST POWERS THAT WE VIRTUALLY DID NO BUSINESS WITH. POWERS THAT WE VIRTUALLY DID NO BUSINESS WITH. >>S YOU WERE ADVOCATE OF CHINA. BUSINESS WITH. >>S YOU WERE ADVOCATE OF CHINA. >> I HAD LITTLE MORE EXPOSURE TO >>S YOU WERE ADVOCATE OF CHINA. >> I HAD LITTLE MORE EXPOSURE TO CHIE THAT, BUT I WAS STRONG >> I HAD LITTLE MORE EXPOSURE TO CHIE THAT, BUT I WAS STRONG ADVOCATE CHINA WOULD BE MUCH CHIE THAT, BUT I WAS STRONG ADVOCATE CHINA WOULD BE MUCH MORE ENTREPRENEURIAL WHICH I ADVOCATE CHINA WOULD BE MUCH MORE ENTREPRENEURIAL WHICH I THINK IT HAS TURNED OUT TO BE. MORE ENTREPRENEURIAL WHICH I THINK IT HAS TURNED OUT TO BE. CASE FOR RUSSIA ALWAYS HAS BEEN THINK IT HAS TURNED OUT TO BE. CASE FOR RUSSIA ALWAYS HAS BEEN IT MASSIVE NATURAL RESOURCE BASE CASE FOR RUSSIA ALWAYS HAS BEEN IT MASSIVE NATURAL RESOURCE BASE THAT CAN'T BE TAPPED WITHOUT IT MASSIVE NATURAL RESOURCE BASE THAT CAN'T BE TAPPED WITHOUT CATERPILLAR EQUIPMENT. THAT CAN'T BE TAPPED WITHOUT CATERPILLAR EQUIPMENT. THE OIL AND GAS, THE PIPELINES CATERPILLAR EQUIPMENT. THE OIL AND GAS, THE PIPELINES THEY NEED, THE FORESTRY, MINERAL THE OIL AND GAS, THE PIPELINES THEY NEED, THE FORESTRY, MINERAL RESOURCES THAT THEY HAVE, THEY NEED, THE FORESTRY, MINERAL RESOURCES THAT THEY HAVE, ULTIMATELY LONG-TERM IF THEY GET RESOURCES THAT THEY HAVE, ULTIMATELY LONG-TERM IF THEY GET THEIR ENTREPRENEURIAL ACT ULTIMATELY LONG-TERM IF THEY GET THEIR ENTREPRENEURIAL ACT TOGETHER. THEIR ENTREPRENEURIAL ACT TOGETHER. THEY WILL CONSUME A TREMENDOUS TOGETHER. THEY WILL CONSUME A TREMENDOUS AMOUNT OF EQUIPMENT OF WE ARE THEY WILL CONSUME A TREMENDOUS AMOUNT OF EQUIPMENT OF WE ARE EXCITED ABOUT THE RUSSIA MARKET. AMOUNT OF EQUIPMENT OF WE ARE EXCITED ABOUT THE RUSSIA MARKET. BUT CHINA HAS TAKEN OFF WITH EXCITED ABOUT THE RUSSIA MARKET. BUT CHINA HAS TAKEN OFF WITH THIS FLOWERING OF THE ECONOMY AS BUT CHINA HAS TAKEN OFF WITH THIS FLOWERING OF THE ECONOMY AS THE GOVERNMENT GRADUALLY STEPPED THIS FLOWERING OF THE ECONOMY AS THE GOVERNMENT GRADUALLY STEPPED BACK AND RELEASED THE CREATIVITY THE GOVERNMENT GRADUALLY STEPPED BACK AND RELEASED THE CREATIVITY OF THE INDIVIDUAL. BACK AND RELEASED THE CREATIVITY OF THE INDIVIDUAL. >> RECALL THE CHINESE ENTOURAGE OF THE INDIVIDUAL. >> RECALL THE CHINESE ENTOURAGE IN PEORIA, AND THEY CAME TO YOUR >> RECALL THE CHINESE ENTOURAGE IN PEORIA, AND THEY CAME TO YOUR HOME AND PLAYED PING-PONG. IN PEORIA, AND THEY CAME TO YOUR HOME AND PLAYED PING-PONG. >> ONE OF MY FAVORITE STORIES. HOME AND PLAYED PING-PONG. >> ONE OF MY FAVORITE STORIES. >> TELL US THAT STORY. >> ONE OF MY FAVORITE STORIES. >> TELL US THAT STORY. >> AT THE TIME THIS WAS IN THE >> TELL US THAT STORY. >> AT THE TIME THIS WAS IN THE MID 80'S, AND EVERYONE IN CHINA >> AT THE TIME THIS WAS IN THE MID 80'S, AND EVERYONE IN CHINA WAS STILL WEARING MAU SUITS. MID 80'S, AND EVERYONE IN CHINA WAS STILL WEARING MAU SUITS. MAO SUCCEEDED AND CREATED POOR WAS STILL WEARING MAU SUITS. MAO SUCCEEDED AND CREATED POOR SOCIETY. MAO SUCCEEDED AND CREATED POOR SOCIETY. WE WERE TRAVELING, WE WERE SOCIETY. WE WERE TRAVELING, WE WERE TRYING TO DEVELOP TECHNOLOGY WE WERE TRAVELING, WE WERE TRYING TO DEVELOP TECHNOLOGY AGREEMENTS, LICENSEE A TRYING TO DEVELOP TECHNOLOGY AGREEMENTS, LICENSEE A DPREEMENTS TO GET IN ON THE AGREEMENTS, LICENSEE A DPREEMENTS TO GET IN ON THE GROUND FLOOR OF COMPETING IN DPREEMENTS TO GET IN ON THE GROUND FLOOR OF COMPETING IN CHINA AT THE TIME. GROUND FLOOR OF COMPETING IN CHINA AT THE TIME. SO WHEN WE WERE NEOGTIATING WITH CHINA AT THE TIME. SO WHEN WE WERE NEOGTIATING WITH THE DELEGATIONS FROM THE SO WHEN WE WERE NEOGTIATING WITH THE DELEGATIONS FROM THE FACTORIES, WE WOULD BRING THEM THE DELEGATIONS FROM THE FACTORIES, WE WOULD BRING THEM TO PEORIA WE WERE TRYING TO SHOW FACTORIES, WE WOULD BRING THEM TO PEORIA WE WERE TRYING TO SHOW THEM HOW AN AMERICAN LIVES TO PEORIA WE WERE TRYING TO SHOW THEM HOW AN AMERICAN LIVES BECAUSE THEY JUST COULDN'T THEM HOW AN AMERICAN LIVES BECAUSE THEY JUST COULDN'T BELIEVE IT. BECAUSE THEY JUST COULDN'T BELIEVE IT. THE BAMBOO CURTAIN WAS SO TIGHT BELIEVE IT. THE BAMBOO CURTAIN WAS SO TIGHT AND THEY HAD BEEN ISOLATED FROM THE BAMBOO CURTAIN WAS SO TIGHT AND THEY HAD BEEN ISOLATED FROM THE WORLD. AND THEY HAD BEEN ISOLATED FROM THE WORLD. SO WE TRIED TO DO THINGS LIKE THE WORLD. SO WE TRIED TO DO THINGS LIKE TAKE THEM TO OUR HOMES FOR AT SO WE TRIED TO DO THINGS LIKE TAKE THEM TO OUR HOMES FOR AT LEAST COCKTAILS AND DRINKS TAKE THEM TO OUR HOMES FOR AT LEAST COCKTAILS AND DRINKS BEFORE DINNER AND TAKE THEM TO A LEAST COCKTAILS AND DRINKS BEFORE DINNER AND TAKE THEM TO A CHINESE RESTAURANT AND SO I GOT BEFORE DINNER AND TAKE THEM TO A CHINESE RESTAURANT AND SO I GOT THIS PING-PONG TAKE IN THE CHINESE RESTAURANT AND SO I GOT THIS PING-PONG TAKE IN THE BASEMENT. THIS PING-PONG TAKE IN THE BASEMENT. BUT AT THE TIME I WOULD ROUND UP BASEMENT. BUT AT THE TIME I WOULD ROUND UP ALL OF THE CHINESE SPEAKERS I BUT AT THE TIME I WOULD ROUND UP ALL OF THE CHINESE SPEAKERS I COULD FIND AROUND CAT. ALL OF THE CHINESE SPEAKERS I COULD FIND AROUND CAT. I HAD A YOUNG TAIWAN FINANCE REP COULD FIND AROUND CAT. I HAD A YOUNG TAIWAN FINANCE REP AT MY HOUSE HELPING WITH THE I HAD A YOUNG TAIWAN FINANCE REP AT MY HOUSE HELPING WITH THE TRANSLATION. AT MY HOUSE HELPING WITH THE TRANSLATION. HE MET MR. SUN WHO WAS THE CHIEF TRANSLATION. HE MET MR. SUN WHO WAS THE CHIEF ENGINEER FOR THE -- THIS WAS HE MET MR. SUN WHO WAS THE CHIEF ENGINEER FOR THE -- THIS WAS VERY NORTHEASTERN CHINA FACTORY, ENGINEER FOR THE -- THIS WAS VERY NORTHEASTERN CHINA FACTORY, TRACTOR FACTORY NEAR THE NORTH VERY NORTHEASTERN CHINA FACTORY, TRACTOR FACTORY NEAR THE NORTH KOREA REASON BORDER. TRACTOR FACTORY NEAR THE NORTH KOREA REASON BORDER. FIRST TIME EVER OUT OF CHINA, KOREA REASON BORDER. FIRST TIME EVER OUT OF CHINA, AND WE MET THIS YOUNG TAIWANESE. FIRST TIME EVER OUT OF CHINA, AND WE MET THIS YOUNG TAIWANESE. HE SAID LOST MY BROTHER IN THE AND WE MET THIS YOUNG TAIWANESE. HE SAID LOST MY BROTHER IN THE WAR. HE SAID LOST MY BROTHER IN THE WAR. CHIE KANG SHACK. WAR. CHIE KANG SHACK. HE WROTE ON A NAPKIN MY CHIE KANG SHACK. HE WROTE ON A NAPKIN MY BROTHER'S NAME, COULD YOU SEE IF HE WROTE ON A NAPKIN MY BROTHER'S NAME, COULD YOU SEE IF YOUR FAMILY CAN FIND MY BROTHER. BROTHER'S NAME, COULD YOU SEE IF YOUR FAMILY CAN FIND MY BROTHER. I AM THINKING, FAT CHANCE. YOUR FAMILY CAN FIND MY BROTHER. I AM THINKING, FAT CHANCE. AND LO AND BEHOLD, THIS YOUNG I AM THINKING, FAT CHANCE. AND LO AND BEHOLD, THIS YOUNG CHINESE FINANCE REP FOR US, TOOK AND LO AND BEHOLD, THIS YOUNG CHINESE FINANCE REP FOR US, TOOK THE NAPKIN, GOT AHOLD OF HIS CHINESE FINANCE REP FOR US, TOOK THE NAPKIN, GOT AHOLD OF HIS FAMILY, IN TAIPEI, THEY FOUND IN THE NAPKIN, GOT AHOLD OF HIS FAMILY, IN TAIPEI, THEY FOUND IN SUN'S BROTHER, SIX WEEKS LATER I FAMILY, IN TAIPEI, THEY FOUND IN SUN'S BROTHER, SIX WEEKS LATER I GOT A BIG PORTFOLIO OF PICTURES SUN'S BROTHER, SIX WEEKS LATER I GOT A BIG PORTFOLIO OF PICTURES AND THINGS ASKING IF WE WOULD GOT A BIG PORTFOLIO OF PICTURES AND THINGS ASKING IF WE WOULD HAVE SOMEONE FROM OUR GROUP HAND AND THINGS ASKING IF WE WOULD HAVE SOMEONE FROM OUR GROUP HAND CARRY IT IN TO MR. SUN. HAVE SOMEONE FROM OUR GROUP HAND CARRY IT IN TO MR. SUN. HE WAS SO THRILLED HE FOUND HIS CARRY IT IN TO MR. SUN. HE WAS SO THRILLED HE FOUND HIS BROTHER WAS ALIVE. HE WAS SO THRILLED HE FOUND HIS BROTHER WAS ALIVE. THREE WEEKS LATER I GOT ONE BACK BROTHER WAS ALIVE. THREE WEEKS LATER I GOT ONE BACK FROM MR. SUN. THREE WEEKS LATER I GOT ONE BACK FROM MR. SUN. WE WERE VERY PROUD, TO REUNITE A FROM MR. SUN. WE WERE VERY PROUD, TO REUNITE A CHINESE FAMILY IN OUR BASEMENT WE WERE VERY PROUD, TO REUNITE A CHINESE FAMILY IN OUR BASEMENT IN DEERBROOK. CHINESE FAMILY IN OUR BASEMENT IN DEERBROOK. IT WAS A NICE NIGHT. IN DEERBROOK. IT WAS A NICE NIGHT. >> CATERPILLAR AND CHINA IT WAS A NICE NIGHT. >> CATERPILLAR AND CHINA EXPERIENCE, 75, FIRST OFFICE IN >> CATERPILLAR AND CHINA EXPERIENCE, 75, FIRST OFFICE IN 78, TECH TRANSFER AGREEMENTS YOU EXPERIENCE, 75, FIRST OFFICE IN 78, TECH TRANSFER AGREEMENTS YOU ARE TALKING ABOUT IN 81. 78, TECH TRANSFER AGREEMENTS YOU ARE TALKING ABOUT IN 81. NOW THERE IS 13 FACILITIES IN ARE TALKING ABOUT IN 81. NOW THERE IS 13 FACILITIES IN CHINA. NOW THERE IS 13 FACILITIES IN CHINA. THE GLOBAL BENEFITS OF OPEN AND CHINA. THE GLOBAL BENEFITS OF OPEN AND FREE TRADE ARE STARTING TO THE GLOBAL BENEFITS OF OPEN AND FREE TRADE ARE STARTING TO PERMEATE THE CAT ECONOMIC FREE TRADE ARE STARTING TO PERMEATE THE CAT ECONOMIC STRUCTURE. PERMEATE THE CAT ECONOMIC STRUCTURE. YOU ARE DOING A LOT OVER THERE. STRUCTURE. YOU ARE DOING A LOT OVER THERE. SOME ISSUES THERE, CURRENCY, YOU ARE DOING A LOT OVER THERE. SOME ISSUES THERE, CURRENCY, PROPERTY RIGHTS, AND ECONOMISTS SOME ISSUES THERE, CURRENCY, PROPERTY RIGHTS, AND ECONOMISTS CAPTURED THE NEW TITANS. PROPERTY RIGHTS, AND ECONOMISTS CAPTURED THE NEW TITANS. IN THERE IT DISCUSSED CERTAIN CAPTURED THE NEW TITANS. IN THERE IT DISCUSSED CERTAIN THINGS ITS COUNTRIES WILL NO IN THERE IT DISCUSSED CERTAIN THINGS ITS COUNTRIES WILL NO LONGER DOMINATE THE GLOBAL THINGS ITS COUNTRIES WILL NO LONGER DOMINATE THE GLOBAL ECONOMY. LONGER DOMINATE THE GLOBAL ECONOMY. PUTTING IT ANOTHER WAY, CHINA ECONOMY. PUTTING IT ANOTHER WAY, CHINA HAS 200 MILLION UNDER EMPLOYED PUTTING IT ANOTHER WAY, CHINA HAS 200 MILLION UNDER EMPLOYED INDIVIDUALS IN A GRAIRIAN HAS 200 MILLION UNDER EMPLOYED INDIVIDUALS IN A GRAIRIAN ACTIVITIES THAT COULD MOVE TO INDIVIDUALS IN A GRAIRIAN ACTIVITIES THAT COULD MOVE TO MANUFACTURING. ACTIVITIES THAT COULD MOVE TO MANUFACTURING. YOU VIEW CHINA AS A THREAT OR MANUFACTURING. YOU VIEW CHINA AS A THREAT OR COLLEAGUE? YOU VIEW CHINA AS A THREAT OR COLLEAGUE? >> GREAT QUESTION AND ONE, OF COLLEAGUE? >> GREAT QUESTION AND ONE, OF COURSE, ACTIVELY DEBATED IN OUR >> GREAT QUESTION AND ONE, OF COURSE, ACTIVELY DEBATED IN OUR SOCIETY. COURSE, ACTIVELY DEBATED IN OUR SOCIETY. THERE ARE A LOT OF ANTI CHINA SOCIETY. THERE ARE A LOT OF ANTI CHINA SENTIMENT BECAUSE PEOPLE VIEW THERE ARE A LOT OF ANTI CHINA SENTIMENT BECAUSE PEOPLE VIEW THEM AS A HUGE THREAT AS IF THEY SENTIMENT BECAUSE PEOPLE VIEW THEM AS A HUGE THREAT AS IF THEY WILL TAKE ALL OF OUR JOBS. THEM AS A HUGE THREAT AS IF THEY WILL TAKE ALL OF OUR JOBS. I VIEW IT AS WIN-WIN OPPORTUNITY WILL TAKE ALL OF OUR JOBS. I VIEW IT AS WIN-WIN OPPORTUNITY CHINESE PEOPLE ARE LIKE PEOPLE I VIEW IT AS WIN-WIN OPPORTUNITY CHINESE PEOPLE ARE LIKE PEOPLE EVERY WHERE HAVE ASPIRATIONS, CHINESE PEOPLE ARE LIKE PEOPLE EVERY WHERE HAVE ASPIRATIONS, AND FAMILIES AND THEY WANTS TO EVERY WHERE HAVE ASPIRATIONS, AND FAMILIES AND THEY WANTS TO IMPROVE THEIR STANDARD OF AND FAMILIES AND THEY WANTS TO IMPROVE THEIR STANDARD OF LIVING. IMPROVE THEIR STANDARD OF LIVING. I THINK THE CHINESE GOVERNMENT LIVING. I THINK THE CHINESE GOVERNMENT IS LIKELY TO MAKE WISE CHOICES, I THINK THE CHINESE GOVERNMENT IS LIKELY TO MAKE WISE CHOICES, MEANING IN LIKELY TO BE MORE PEACEFUL WHEN THEY SUCCESSFUL. CATERPILLAR'S APPROACH WANTED TO THEY SUCCESSFUL. CATERPILLAR'S APPROACH WANTED TO MANUFACTURE IN CHINA TO TAKE CATERPILLAR'S APPROACH WANTED TO MANUFACTURE IN CHINA TO TAKE CARE OF A LOT OF PRICE SENSITIVE MANUFACTURE IN CHINA TO TAKE CARE OF A LOT OF PRICE SENSITIVE HIGH VOLUME OPPORTUNITY WITHIN CARE OF A LOT OF PRICE SENSITIVE HIGH VOLUME OPPORTUNITY WITHIN THE CHINESE DOMESTIC MARKET. HIGH VOLUME OPPORTUNITY WITHIN THE CHINESE DOMESTIC MARKET. WE WILL CONTINUE TO BE MAJOR THE CHINESE DOMESTIC MARKET. WE WILL CONTINUE TO BE MAJOR EXPORTER TO CHINA. WE WILL CONTINUE TO BE MAJOR EXPORTER TO CHINA. WE WILL EXPORT SOME THINGS FROM EXPORTER TO CHINA. WE WILL EXPORT SOME THINGS FROM CHINA, AND ESSENTIALLY THAT WE WILL EXPORT SOME THINGS FROM CHINA, AND ESSENTIALLY THAT COMPARATIVE ADVANTAGE IS HOW CHINA, AND ESSENTIALLY THAT COMPARATIVE ADVANTAGE IS HOW CITIZENS AROUND THE WORLD END UP COMPARATIVE ADVANTAGE IS HOW CITIZENS AROUND THE WORLD END UP WITH MUCH HIGHER STANDARD OF CITIZENS AROUND THE WORLD END UP WITH MUCH HIGHER STANDARD OF LIVING. WITH MUCH HIGHER STANDARD OF LIVING. OUR CITIZENS IN THIS COUNTRY LIVING. OUR CITIZENS IN THIS COUNTRY TODAY ARE MUCH BETTER OFF OUR CITIZENS IN THIS COUNTRY TODAY ARE MUCH BETTER OFF BECAUSE WE HAVE HAD GLOBAL TODAY ARE MUCH BETTER OFF BECAUSE WE HAVE HAD GLOBAL TRADE. BECAUSE WE HAVE HAD GLOBAL TRADE. IN FACT, A LOT OF ECONOMY METRIC TRADE. IN FACT, A LOT OF ECONOMY METRIC MODELS WOULD SHOW THERE IS A IN FACT, A LOT OF ECONOMY METRIC MODELS WOULD SHOW THERE IS A HUGE BENEFIT TO TRADE. MODELS WOULD SHOW THERE IS A HUGE BENEFIT TO TRADE. AVERAGE AMERICAN FAMILY, AT HUGE BENEFIT TO TRADE. AVERAGE AMERICAN FAMILY, AT LEAST. AVERAGE AMERICAN FAMILY, AT LEAST. IIE'S ESTIMATES, INSTITUTE OF LEAST. IIE'S ESTIMATES, INSTITUTE OF ECONOMICS, TEN THOUSAND PER IIE'S ESTIMATES, INSTITUTE OF ECONOMICS, TEN THOUSAND PER FAMILY BETTER OFF BECAUSE OF ECONOMICS, TEN THOUSAND PER FAMILY BETTER OFF BECAUSE OF FREE AND OPEN TRADE, TRADE FAMILY BETTER OFF BECAUSE OF FREE AND OPEN TRADE, TRADE LIBERALLY SATION THAT HAS FREE AND OPEN TRADE, TRADE LIBERALLY SATION THAT HAS OCCURRED SINCE WORLD WAR II. LIBERALLY SATION THAT HAS OCCURRED SINCE WORLD WAR II. OUR COUNTRY HAS LED THAT. OCCURRED SINCE WORLD WAR II. OUR COUNTRY HAS LED THAT. I HAVE BIG CONCERNS THAT WE GO OUR COUNTRY HAS LED THAT. I HAVE BIG CONCERNS THAT WE GO THE OTHER WAY. I HAVE BIG CONCERNS THAT WE GO THE OTHER WAY. WE TURN INWARD AND TRY TO BE THE OTHER WAY. WE TURN INWARD AND TRY TO BE PROTECTIONISTS. WE TURN INWARD AND TRY TO BE PROTECTIONISTS. >> LET'S FOCUS ON JIM OWENS AND PROTECTIONISTS. >> LET'S FOCUS ON JIM OWENS AND YOUR JOB. >> LET'S FOCUS ON JIM OWENS AND YOUR JOB. IN A FEW SENTENCES, TELL ME WHAT YOUR JOB. IN A FEW SENTENCES, TELL ME WHAT YOU ARE ALL ABOUT AS THE C.E.O. IN A FEW SENTENCES, TELL ME WHAT YOU ARE ALL ABOUT AS THE C.E.O. AND CHAIRMAN OF THE BOARD OF YOU ARE ALL ABOUT AS THE C.E.O. AND CHAIRMAN OF THE BOARD OF CAT. AND CHAIRMAN OF THE BOARD OF CAT. WHAT IS YOUR MISSION ON A DAY CAT. WHAT IS YOUR MISSION ON A DAY OVER DAY, MONTH OVER MONTH, YEAR WHAT IS YOUR MISSION ON A DAY OVER DAY, MONTH OVER MONTH, YEAR OVER YEAR BASIS? OVER DAY, MONTH OVER MONTH, YEAR OVER YEAR BASIS? >> THAT'S A CHALLENGING OVER YEAR BASIS? >> THAT'S A CHALLENGING QUESTION. >> THAT'S A CHALLENGING QUESTION. FIRST OF ALL, I FEEL A BIT LIKE QUESTION. FIRST OF ALL, I FEEL A BIT LIKE A STEWARD IN THE SENSE THAT I FIRST OF ALL, I FEEL A BIT LIKE A STEWARD IN THE SENSE THAT I KNOW THAT FOR A PERIOD OF TIME, A STEWARD IN THE SENSE THAT I KNOW THAT FOR A PERIOD OF TIME, FIVE TO SEVEN YEARS, I HAVE AN KNOW THAT FOR A PERIOD OF TIME, FIVE TO SEVEN YEARS, I HAVE AN OPPORTUNITY TO RUN ONE OF THE FIVE TO SEVEN YEARS, I HAVE AN OPPORTUNITY TO RUN ONE OF THE GREATEST COMPANIES IN THE OPPORTUNITY TO RUN ONE OF THE GREATEST COMPANIES IN THE COUNTRY, AND TO LEAD A TEAM OF GREATEST COMPANIES IN THE COUNTRY, AND TO LEAD A TEAM OF PEOPLE OF EXECUTIVES AND COUNTRY, AND TO LEAD A TEAM OF PEOPLE OF EXECUTIVES AND SCIENTISTS AND ENGINEERS TO PEOPLE OF EXECUTIVES AND SCIENTISTS AND ENGINEERS TO DEVELOP A TRULY OUTSTANDING SCIENTISTS AND ENGINEERS TO DEVELOP A TRULY OUTSTANDING COMPANY. DEVELOP A TRULY OUTSTANDING COMPANY. WE TALK A LOT ABOUT CATERPILLAR, COMPANY. WE TALK A LOT ABOUT CATERPILLAR, AROUND CATERPILLAR ABOUT THE WE TALK A LOT ABOUT CATERPILLAR, AROUND CATERPILLAR ABOUT THE JOURNEY FROM GOOD TO GREAT. AROUND CATERPILLAR ABOUT THE JOURNEY FROM GOOD TO GREAT. VERY FEW COMPANIES EVER MEET THE JOURNEY FROM GOOD TO GREAT. VERY FEW COMPANIES EVER MEET THE DISTINCTION OF BEING GREAT, VERY FEW COMPANIES EVER MEET THE DISTINCTION OF BEING GREAT, MEANING TRULY OUTSTANDING DISTINCTION OF BEING GREAT, MEANING TRULY OUTSTANDING RESULTS BY ANY MEASURE OVER AN MEANING TRULY OUTSTANDING RESULTS BY ANY MEASURE OVER AN EXTENDED PERIOD OF TIME. RESULTS BY ANY MEASURE OVER AN EXTENDED PERIOD OF TIME. AND WE HAVE BEEN VERY EXTENDED PERIOD OF TIME. AND WE HAVE BEEN VERY SUCCESSFUL, AND AS I TELL OUR AND WE HAVE BEEN VERY SUCCESSFUL, AND AS I TELL OUR LEADERSHIP TEAM, I THINK WE HAVE SUCCESSFUL, AND AS I TELL OUR LEADERSHIP TEAM, I THINK WE HAVE A UNIQUE OPPORTUNITY TO TAKE LEADERSHIP TEAM, I THINK WE HAVE A UNIQUE OPPORTUNITY TO TAKE CATERPILLAR INTO THAT NEXT A UNIQUE OPPORTUNITY TO TAKE CATERPILLAR INTO THAT NEXT LEVEL, THE NEXT -- CATERPILLAR INTO THAT NEXT LEVEL, THE NEXT -- >> YOU, EVERY DAY YOU GET UP. LEVEL, THE NEXT -- >> YOU, EVERY DAY YOU GET UP. >> EVERY DAY I GET UP. >> YOU, EVERY DAY YOU GET UP. >> EVERY DAY I GET UP. >> ARE YOU A CHEERLEADER, IS >> EVERY DAY I GET UP. >> ARE YOU A CHEERLEADER, IS YOUR JOB TO PREDICT WHAT GOING >> ARE YOU A CHEERLEADER, IS YOUR JOB TO PREDICT WHAT GOING TO OCCUR IN FIVE OR TEN YEARS OR YOUR JOB TO PREDICT WHAT GOING TO OCCUR IN FIVE OR TEN YEARS OR COMBINATION OF ALL THOSE THINGS? TO OCCUR IN FIVE OR TEN YEARS OR COMBINATION OF ALL THOSE THINGS? WHAT ARE YOU ALL ABOUT? COMBINATION OF ALL THOSE THINGS? WHAT ARE YOU ALL ABOUT? I UNDERSTAND THE TEAM APPROACH. WHAT ARE YOU ALL ABOUT? I UNDERSTAND THE TEAM APPROACH. BUT WHAT IS YOUR DIRECTION? I UNDERSTAND THE TEAM APPROACH. BUT WHAT IS YOUR DIRECTION? WHAT DRIVES YOU? BUT WHAT IS YOUR DIRECTION? WHAT DRIVES YOU? >> MY DIRECTION IS HOW TO LEAD WHAT DRIVES YOU? >> MY DIRECTION IS HOW TO LEAD AND ENERGIZE THIS TEAM. >> MY DIRECTION IS HOW TO LEAD AND ENERGIZE THIS TEAM. I SPENT TWO YEARS, FOR EXAMPLE, AND ENERGIZE THIS TEAM. I SPENT TWO YEARS, FOR EXAMPLE, WORKING ON OUR NEW VISION 20-20 I SPENT TWO YEARS, FOR EXAMPLE, WORKING ON OUR NEW VISION 20-20 STRATEGY. WORKING ON OUR NEW VISION 20-20 STRATEGY. AND STAKING OUT THE GROUND OF STRATEGY. AND STAKING OUT THE GROUND OF WHAT IS THE VISION, WHAT DO WE AND STAKING OUT THE GROUND OF WHAT IS THE VISION, WHAT DO WE WANT THIS COMPANY TO LOOK LIKE WHAT IS THE VISION, WHAT DO WE WANT THIS COMPANY TO LOOK LIKE IN THE YEAR 2020. WANT THIS COMPANY TO LOOK LIKE IN THE YEAR 2020. WE SPENT A LOT OF TIME ON IN THE YEAR 2020. WE SPENT A LOT OF TIME ON STRATEGIC INTENT. WE SPENT A LOT OF TIME ON STRATEGIC INTENT. WE RUN A LOT OF DIFFERENT STRATEGIC INTENT. WE RUN A LOT OF DIFFERENT BUSINESSES AT CATERPILLAR. WE RUN A LOT OF DIFFERENT BUSINESSES AT CATERPILLAR. THIS IS NOT A MA AND PA SHOP. BUSINESSES AT CATERPILLAR. THIS IS NOT A MA AND PA SHOP. THERE ARE 30 DIFFERENT THIS IS NOT A MA AND PA SHOP. THERE ARE 30 DIFFERENT BUSINESSES. THERE ARE 30 DIFFERENT BUSINESSES. HOW DO WE DEFINE IN TERMS OF THE BUSINESSES. HOW DO WE DEFINE IN TERMS OF THE ECONOMICS OF IT ALL, WHAT DOES HOW DO WE DEFINE IN TERMS OF THE ECONOMICS OF IT ALL, WHAT DOES IT TAKE TO CREATE COMPETITIVE ECONOMICS OF IT ALL, WHAT DOES IT TAKE TO CREATE COMPETITIVE ADVANTAGE AND, THEREFORE, MARKET IT TAKE TO CREATE COMPETITIVE ADVANTAGE AND, THEREFORE, MARKET VALUE IN THE BUSINESSES THAT WE ADVANTAGE AND, THEREFORE, MARKET VALUE IN THE BUSINESSES THAT WE ARE IN AND HAVE THAT BE A FILTER VALUE IN THE BUSINESSES THAT WE ARE IN AND HAVE THAT BE A FILTER FOR OUR BUSINESS UNITS TO WORK ARE IN AND HAVE THAT BE A FILTER FOR OUR BUSINESS UNITS TO WORK WITH? FOR OUR BUSINESS UNITS TO WORK WITH? HOW DO WE THEN STAKEOUT THE WITH? HOW DO WE THEN STAKEOUT THE GOALS? HOW DO WE THEN STAKEOUT THE GOALS? WHAT DO WE WANTS OUR COMPANY TO GOALS? WHAT DO WE WANTS OUR COMPANY TO ACHIEVE IN THE NEAR TERM FUTURE, WHAT DO WE WANTS OUR COMPANY TO ACHIEVE IN THE NEAR TERM FUTURE, LET'S SAY 2010, THE GOALS WE ACHIEVE IN THE NEAR TERM FUTURE, LET'S SAY 2010, THE GOALS WE STAKEOUT. LET'S SAY 2010, THE GOALS WE STAKEOUT. HOW DO WE CASCADE THOSE ACROSS STAKEOUT. HOW DO WE CASCADE THOSE ACROSS 20 BUSINESS UNITS. HOW DO WE CASCADE THOSE ACROSS 20 BUSINESS UNITS. THERE ARE 90 PLUS THOUSAND 20 BUSINESS UNITS. THERE ARE 90 PLUS THOUSAND PEOPLE WORKING AT CATERPILLAR. THERE ARE 90 PLUS THOUSAND PEOPLE WORKING AT CATERPILLAR. THIS IS NOT ABOUT WHAT JIM OWENS PEOPLE WORKING AT CATERPILLAR. THIS IS NOT ABOUT WHAT JIM OWENS COMES IN AND DOES IN THE DAY. THIS IS NOT ABOUT WHAT JIM OWENS COMES IN AND DOES IN THE DAY. IT IS HOW DO I ENERGIZE 90,000 COMES IN AND DOES IN THE DAY. IT IS HOW DO I ENERGIZE 90,000 PEOPLE TO WORK ON THE THINGS IT IS HOW DO I ENERGIZE 90,000 PEOPLE TO WORK ON THE THINGS THAT ARE IMPORTANT FOR OUR PEOPLE TO WORK ON THE THINGS THAT ARE IMPORTANT FOR OUR CORPORATE SUCCESS. THAT ARE IMPORTANT FOR OUR CORPORATE SUCCESS. >> YOU ARE PLAYING FOOTBALL AS CORPORATE SUCCESS. >> YOU ARE PLAYING FOOTBALL AS TEAM CAPTAIN. >> YOU ARE PLAYING FOOTBALL AS TEAM CAPTAIN. >> THIS IS A CHANCE TO PLAY TEAM CAPTAIN. >> THIS IS A CHANCE TO PLAY QUARTERBACK, YES. >> THIS IS A CHANCE TO PLAY QUARTERBACK, YES. >> AND PLAYING QUARTERBACK. QUARTERBACK, YES. >> AND PLAYING QUARTERBACK. LOOK BACK ATTAR TENURE, SEVEN, >> AND PLAYING QUARTERBACK. LOOK BACK ATTAR TENURE, SEVEN, OR NINE YEARS, WHATEVER YOU WILL LOOK BACK ATTAR TENURE, SEVEN, OR NINE YEARS, WHATEVER YOU WILL BE HERE AT YOUR CURRENT ROLE, OR NINE YEARS, WHATEVER YOU WILL BE HERE AT YOUR CURRENT ROLE, WHAT DO YOU WANT TO BE KNOWN AS BE HERE AT YOUR CURRENT ROLE, WHAT DO YOU WANT TO BE KNOWN AS HAVING ACCOMPLISHED? WHAT DO YOU WANT TO BE KNOWN AS HAVING ACCOMPLISHED? >> I WANT TO LEAVE THE PLACE HAVING ACCOMPLISHED? >> I WANT TO LEAVE THE PLACE MUCH STRONGER THAN I FOUND IT. >> I WANT TO LEAVE THE PLACE MUCH STRONGER THAN I FOUND IT. I WANT TO LEAVE AN OUTSTANDING MUCH STRONGER THAN I FOUND IT. I WANT TO LEAVE AN OUTSTANDING TEAM OF PEOPLE IN ALL OF THE KEY I WANT TO LEAVE AN OUTSTANDING TEAM OF PEOPLE IN ALL OF THE KEY CHAIRS THAT ARE VERY CAPABLE WHO TEAM OF PEOPLE IN ALL OF THE KEY CHAIRS THAT ARE VERY CAPABLE WHO WORK WELL TOGETHER AS A TEAM, CHAIRS THAT ARE VERY CAPABLE WHO WORK WELL TOGETHER AS A TEAM, AND WHO ARE -- AND HAVE A WORK WELL TOGETHER AS A TEAM, AND WHO ARE -- AND HAVE A PASSION TO MAKE CATERPILLAR A AND WHO ARE -- AND HAVE A PASSION TO MAKE CATERPILLAR A GREAT COMPANY FOR THE LONG RUN. PASSION TO MAKE CATERPILLAR A GREAT COMPANY FOR THE LONG RUN. >> ANY QUESTION I HAVEN'T ASKED GREAT COMPANY FOR THE LONG RUN. >> ANY QUESTION I HAVEN'T ASKED YOU THAT YOU THINK I SHOULD HAVE >> ANY QUESTION I HAVEN'T ASKED YOU THAT YOU THINK I SHOULD HAVE ASKED YOU? YOU THAT YOU THINK I SHOULD HAVE ASKED YOU? >> (LAUGHING). ASKED YOU? >> (LAUGHING). I DON'T KNOW SOME OF THESE ARE >> (LAUGHING). I DON'T KNOW SOME OF THESE ARE LITTLE CHALLENGING. I DON'T KNOW SOME OF THESE ARE LITTLE CHALLENGING. IT IS WHAT DO I DO EVERY DAY. LITTLE CHALLENGING. IT IS WHAT DO I DO EVERY DAY. IF I TICK DOWN THE LIST OF IT IS WHAT DO I DO EVERY DAY. IF I TICK DOWN THE LIST OF THINGS I DO EVERY DAY, IT IF I TICK DOWN THE LIST OF THINGS I DO EVERY DAY, IT WOULD -- IT WOULD -- FIRST THING THINGS I DO EVERY DAY, IT WOULD -- IT WOULD -- FIRST THING IT WOULD DAZZLE PEOPLE TO SEE WOULD -- IT WOULD -- FIRST THING IT WOULD DAZZLE PEOPLE TO SEE HOW DIFFERENT THEY ARE EVERY DAY IT WOULD DAZZLE PEOPLE TO SEE HOW DIFFERENT THEY ARE EVERY DAY ONE OF THE MOST INTERESTING HOW DIFFERENT THEY ARE EVERY DAY ONE OF THE MOST INTERESTING THINGS ABOUT MY JOB IS IT IS A ONE OF THE MOST INTERESTING THINGS ABOUT MY JOB IS IT IS A DIFFERENT SET OF DIFFERENT THINGS ABOUT MY JOB IS IT IS A DIFFERENT SET OF DIFFERENT PLACES, DIFFERENT PEOPLE, DIFFERENT SET OF DIFFERENT PLACES, DIFFERENT PEOPLE, DIFFERENT BUSINESS. PLACES, DIFFERENT PEOPLE, DIFFERENT BUSINESS. >> ABOUT THE BUSINESS, THOUGH. DIFFERENT BUSINESS. >> ABOUT THE BUSINESS, THOUGH. >> THAT'S YOUR BUSINESS. >> ABOUT THE BUSINESS, THOUGH. >> THAT'S YOUR BUSINESS. >> EVERY SINGLE DAY. >> THAT'S YOUR BUSINESS. >> EVERY SINGLE DAY. WE ARE A LARGE COMPLEX COMPANY, >> EVERY SINGLE DAY. WE ARE A LARGE COMPLEX COMPANY, AND THE LEADERS ROLE IS TO PLAY WE ARE A LARGE COMPLEX COMPANY, AND THE LEADERS ROLE IS TO PLAY QUARTERBACK, IS TO THINK ABOUT AND THE LEADERS ROLE IS TO PLAY QUARTERBACK, IS TO THINK ABOUT HOW TO MOTIVATE THE LEADERSHIP QUARTERBACK, IS TO THINK ABOUT HOW TO MOTIVATE THE LEADERSHIP TEAM, HOW TO GET THEM WORKING ON HOW TO MOTIVATE THE LEADERSHIP TEAM, HOW TO GET THEM WORKING ON THE RIGHT THINGS AND WORKING TEAM, HOW TO GET THEM WORKING ON THE RIGHT THINGS AND WORKING CONSTRUCTIVELY TOGETHER TO THE RIGHT THINGS AND WORKING CONSTRUCTIVELY TOGETHER TO ACHIEVE RESULTS. CONSTRUCTIVELY TOGETHER TO ACHIEVE RESULTS. THAT SOUNDS A LITTLE SOFT AND ACHIEVE RESULTS. THAT SOUNDS A LITTLE SOFT AND FUZZY, DONE RIGHT, IT IS A BIG THAT SOUNDS A LITTLE SOFT AND FUZZY, DONE RIGHT, IT IS A BIG CHALLENGE. FUZZY, DONE RIGHT, IT IS A BIG CHALLENGE. I DON'T WAKE UP AT NIGHT CHALLENGE. I DON'T WAKE UP AT NIGHT WORRYING. I DON'T WAKE UP AT NIGHT WORRYING. I WAKE UP AT NIGHT THINKING WORRYING. I WAKE UP AT NIGHT THINKING ABOUT HOW I CAN DO SOMETHING TO I WAKE UP AT NIGHT THINKING ABOUT HOW I CAN DO SOMETHING TO GET PEOPLE ENERGIZED. ABOUT HOW I CAN DO SOMETHING TO GET PEOPLE ENERGIZED. GET MY LEADERSHIP TEAM ENERGIZED GET PEOPLE ENERGIZED. GET MY LEADERSHIP TEAM ENERGIZED TO GET THINGS DONE AS A COMPANY. GET MY LEADERSHIP TEAM ENERGIZED TO GET THINGS DONE AS A COMPANY. >> IN YOUR BUSINESS ACTIVITIES TO GET THINGS DONE AS A COMPANY. >> IN YOUR BUSINESS ACTIVITIES FROM THE BEGINNING OF THE CAT >> IN YOUR BUSINESS ACTIVITIES FROM THE BEGINNING OF THE CAT ERA TO TODAY, ANY REGRETS? FROM THE BEGINNING OF THE CAT ERA TO TODAY, ANY REGRETS? >> NO. ERA TO TODAY, ANY REGRETS? >> NO. JUST BEEN -- YOU CAN ALWAYS GO >> NO. JUST BEEN -- YOU CAN ALWAYS GO BACK AND DO SOMETHING JUST BEEN -- YOU CAN ALWAYS GO BACK AND DO SOMETHING DIFFERENTLY, BUT YOU NEVER KNOW BACK AND DO SOMETHING DIFFERENTLY, BUT YOU NEVER KNOW WHAT OTHER THINGS MIGHT CHANGE DIFFERENTLY, BUT YOU NEVER KNOW WHAT OTHER THINGS MIGHT CHANGE IF YOU DID. WHAT OTHER THINGS MIGHT CHANGE IF YOU DID. I HAVE HAD SPECTACULAR JOURNEY. IF YOU DID. I HAVE HAD SPECTACULAR JOURNEY. I TELL YOU I HAVE HARDLY HAD A I HAVE HAD SPECTACULAR JOURNEY. I TELL YOU I HAVE HARDLY HAD A BAD DAY AT CATERPILLAR. I TELL YOU I HAVE HARDLY HAD A BAD DAY AT CATERPILLAR. HAVING ENJOYED THE GOOD TIMES BAD DAY AT CATERPILLAR. HAVING ENJOYED THE GOOD TIMES AND BAD AND THE PEOPLE I WORK HAVING ENJOYED THE GOOD TIMES AND BAD AND THE PEOPLE I WORK WITH MOST IMPORTANTLY. AND BAD AND THE PEOPLE I WORK WITH MOST IMPORTANTLY. >> NOT TOO MANY PEOPLE CAN SAY WITH MOST IMPORTANTLY. >> NOT TOO MANY PEOPLE CAN SAY THAT. >> NOT TOO MANY PEOPLE CAN SAY THAT. >> NO. THAT. >> NO. I FEEL VERY PRIVILEGED TO BE >> NO. I FEEL VERY PRIVILEGED TO BE ABLE TO. I FEEL VERY PRIVILEGED TO BE ABLE TO. >> IT HAS BEEN MY PRIVILEGE TO ABLE TO. >> IT HAS BEEN MY PRIVILEGE TO VISIT YOU WITH. >> IT HAS BEEN MY PRIVILEGE TO VISIT YOU WITH. >> MINE, TOO. VISIT YOU WITH. >> MINE, TOO. >> THANK YOU. >> MINE, TOO. >> THANK YOU. >> YOU ARE WELCOME. >> THANK YOU. >> YOU ARE WELCOME. >>

Early life and Education

Shaffer grew up on a family farm in Blenheim, New York. She graduated from Gilboa-Conesville Central School in 1966 as valedictorian. Awarded a full scholarship to Elmira College, she graduated as class valedictorian in 1970, and a Phi Beta Kappa member, with a B.A. summa cum laude in Political Science. She studied abroad for her junior year at Sciences Po. She also spent a semester of her senior year on a kibbutz in Israel.

Career

Shaffer began her career in publishing before entering politics in the 1970s. She served as a town supervisor for two years and then became special assistant to Peter A. A. Berle. She later served as the Executive Director of the Rural Affairs Council, which was chaired by then-Lieutenant Governor, Mario Cuomo.

Shaffer was elected in 1980, as a Democrat representing a five-county, predominantly Republican district to the New York State Assembly serving in 1981 and 1982, In November 1982, she was re-elected with 68% of the vote, but did not take her seat in the 185th New York State Legislature. She was instead appointed by Governor Mario Cuomo as Secretary of State of New York, and took office on January 1, 1983.

The longest-tenured Secretary of State in New York history, she served twelve years during Cuomo's three terms as governor January 1, 1983 – January 4, 1995, when she was replaced by Republican Alexander Treadwell. She was a delegate to the 1988, 1992 and 2004 Democratic National Conventions.

She went into the private sector, serving as national President and CEO of the Business and Professional Women's Foundation from 1997 to 2001, focused on economic equity for women, including workplace issues such as pay equity, family leave, fair minimum wage, Social Security, and pension reform. Returning to New York, she served as President and CEO of the Brooklyn Historical Society from 2001 to 2003. She returned to her family farm where she still resides, and became a freelance writer on public policy issues.

In September 2015, Shaffer ran for town supervisor of the Blenheim, New York. Shaffer was defeated by incumbent attorney Shawn J. Smith in the Democratic Caucus held on September 10, 2015. Although Shaffer remains a Democrat, she was endorsed by the town's Republican party for Supervisor. She was narrowly defeated by Smith (by 10 votes) in the general election.

Shaffer remains an active Democrat, as a member of the Schoharie County Democratic Committee, and continues as an activist on issues including government reform, environmental quality, women's rights, civil rights, consumer rights and economic equity.

References

  1. ^ "Piece by piece, old bridge coming home". Times Union. 2012-02-26. Retrieved 2020-01-01.
  2. ^ Lynn, Frank (1983-09-07). "A Rivalry in the Making: Miss Shaffer Vs. Delbello". The New York Times. ISSN 0362-4331. Retrieved 2020-01-01.
This page was last edited on 1 January 2020, at 02:58
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