More than a decade ago, in December 1994, Intel faced a crisis, the Pentium chip caused erroneous calculations because of a buggy floating point error unit. Intel recalled nearly a million chips that cost the company a one time charge of US$ 500 million. After the crisis was resolved, each employee was given a key chain, with a flawed chip engraved, and a quote from Andy Grove.
Bad companies are destroyed by crises,
Good companies survive them,
Great companies are improved by them,– Andy Grove, December 1994
With the next generation of management, the ones that were created in good times and stupendous leadership, are basically lost and finding it hard to keep up.
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Hi,
Its “Shackleton’s Way”.
Intel did same thing.Accepting the failure is success.
isnt it great. A company, which accepts and acknowledges its mistake, can only grow – this incident proves that INTEL perhaps is a finest example of
of such a company.
g. krishna murthy