The Match King by Frank Partnoy

Author:Frank Partnoy
Language: eng
Format: epub
Publisher: PublicAffairs
Published: 2010-09-27T04:00:00+00:00

That was it. These disclosures contained more questions than answers, and they made Durant more nervous than Berning had been. In recent months, Ivar had been showering Durant with kindness. To supplement Durant’s income as a director of International Match, Ivar had appointed him to the board of Kreuger & Toll as well.40 Ivar and Durant had spent several extravagant evenings together in New York in May, around the time of International Match’s annual meeting. Durant liked to be entertained, but he wondered why Ivar suddenly was being so generous with his time and money.

Ivar tried to mollify Durant by inviting Berning to inspect Ivar’s businesses throughout Europe. Although Mrs Berning did not accompany him, and he spent much of the time working, this trip was his best one to Europe yet. Berning produced a four-page single-spaced memorandum setting forth the results of a personal inspection of Ivar’s factories and facilities during a tour that covered Berlin, Copenhagen, London, Nürnberg, Paris, Prague, Vienna, Zürich, and, of course, Stockholm.41

A.D. Berning apparently resumed his faith in Ivar during this trip. He reported that he was “considerably impressed by the speed with which rough logs were converted into veneer, cut into splints, polished, treated and turned into finished matches. The inventory turn-over is extremely rapid as you undoubtedly have observed when comparing the balance sheet inventory total with the annual sales.” Berning saw “capable executives” with an “exceptional grasp of affairs” and everyone was “keen, aggressive and capable.”42

He concluded thatIt seems to me that Mr Kreuger’s policy is to carefully select the man for each post and then to give him complete responsibility for the duties therein involved. I was considerably impressed with the complete harmony with which the organizations function and the extreme confidence that each one has in the other. There seems to be throughout the entire organization a splendid spirit of loyalty and an unselfish devotion to duty. No doubt a considerable part of the accomplishments and amazing growth of this enterprise is due to these qualities.43

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