Cummins
Company: Cummins Inc.
Entered by: PriceWeber Marketing
Company Description: Cummins Inc., a global power leader, has complementary business units that design, manufacture, distribute and service engines and related technologies in over 160 countries. 2006 was Cummins third straight year of record sales and profits, with $11.4 billion in sales. Early in 2007, Cummins was named a 100 Best U.S. Corporate Citizen by CRO magazine for the eighth consecutive year.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Best Chairman
Nomination Title: Tim Solso, Chairman and Chief Executive Officer, Cummins Inc.
1. Tell the story about what this nominee achieved in the past year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
2006 was the best year to date in Cummins 88-year history, and speaks volumes
about the visionary leadership of Chairman and CEO Tim Solso - plus the
brilliant execution of that vision by the entire corporation.
In 2006, Cummins completed its third consecutive year of record sales and
profits, reaching $11.4 billion in sales, up 15% from 2005, with a 25% return on
equity, exceeding its 18% target for the third consecutive year. Net earnings
rose 30% to $715 million.
In addition, the company stock price rose nearly 32% during the year. Over the
last four years, Cummins has produced an average total return of over 46% - well
above both S&P 500 and peer company averages.
Under Mr. Solso’s leadership, 2006 represented the culmination of several years
of reshaping the company into “The New Cummins” - a less cyclical, more
diversified, and more results-oriented company.
The mission of The New Cummins includes exceeding customers’ expectations by
always being first to market with the best products - while ensuring that
everything Cummins produces leads to a cleaner, safer and healthier environment.
Accordingly, Cummins has launched numerous new technologies, products and
initiatives during 2006.
The QSB3.3 diesel engine, launched in April 2006 to meet EPA Tier 3/EU Stage
IIIA emissions standards, has been named “Diesel of the Year 2007” by a leading
European publication.
Early in 2007, the Cummins 6.7-liter Turbo Diesel - used exclusively in Dodge
Ram Heavy Duty pickup trucks - became the first diesel engine certified to 2010
EPA heavy-duty engine emissions standards - a full three years ahead of schedule.
Another significant environmental accolade is Cummins selection for the EPA’s
“Climate Leaders” program.
Along with these achievements, a new global branding initiative was launched for
the entire corporation during 2006 that had its beginnings in a highly
successful branding effort of the Engine Business Unit back in 2004. For the
first time, all business units worldwide are speaking with one voice so that
external audiences recognize what sets Cummins apart from every other brand.
As a result of these initiatives and more, Cummins has gained share in key
markets around the world - with each of its operating segments achieving record
revenues during 2006.
The company has made significant progress in growing internationally and
currently serves customers in over 160 countries through its network of 550
company-owned and independent distributors and more than 5,000 dealer locations.
Perhaps more significant, Cummins has been able to achieve these results while
remaining true to its core values of ethical business behavior, diversity and corporate social responsibility.
Under Mr. Solso’s leadership, Cummins has been named to CRO magazine’s “Best
Corporate Citizens” for the last eight years running, including first- and
second-place rankings.
The emphasis placed on living Cummins values has also resulted in numerous
projects focused on improving the environment, health care, education and
economic development for the poor, both at home and abroad. Much of this work
has been accomplished with the help of the Cummins Foundation, of which Mr.
Solso also serves as Chairman.
2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:
Biography
http://www.thecro.com/node/384
Cummins Completes Third Consecutive Year of Record Sales and Profits
(29 January 2007)
http://www.forbes.com/businesswire/feeds/businesswire/2007/01/29/
businesswire20070129005583r1.html
Cummins QSB3.3 Awarded “Diesel of the Year 2007”
(2 February 2007)
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=CMI:US&sid=aAHuRbbjbXjA
Cummins Reveals Best-In-Class 2007 Turbo Diesel Engine
(23 January 2007)
http://www.forbes.com/businesswire/feeds/businesswire/2007/01/23/businesswire20070123005787r1.html
Cummins Joins EPA’s Climate Leaders, Sets Emissions Reduction Goal
(12 October 2006)
http://www.allbusiness.com/government/environmental-regulations/3914939-1.html
Cummins Launches Global Branding Initiative
(9 May 2006)
http://www.cummins.com/cmi/content.jsp?siteId=1&langId=1033&dataId=1058&newsInfo=true&menuId=4
Cummins Named to CRO magazine’s “Best Corporate Citizens” List for Eighth
Straight Year
(14 February 2007)
http://www.marketwatch.com/news/story/cummins-named-cro-magazines-best/story.aspx?guid=%7B4C292A9C-A559-4289-800B-F75CF6128F68%7D&sid=1463&symb
Cummins Foundation Commits $500,000 to LeMoyne-Owen College
(10 January 2007)
http://news.moneycentral.msn.com/ticker/article.aspx?Symbol=US:CMI&Feed=BW&Date=20070110&ID=6333401
3. Provide a brief (up to 100 words) biography about the nominee:
Since 1971, Tim Solso has provided leadership during Cummins transition from a
small Midwestern engine manufacturer to a global brand with sales over $11.4
billion. His career includes positions in the U.K. and Brazil.
Solso was elected Chairman of the Board and CEO of Cummins Inc. in 2000. He
serves as a Director of Ashland Inc., Ball Corporation, the Indiana Economic
Development Corporation, and the DePauw University Board of Trustees.
Mr. Solso received a B.A. from DePauw University in 1969 and an M.B.A. from Harvard University in 1971. In 2004, he received DePauw’s Distinguished Alumni Award for Management and Entrepreneurship.