For immediate useNov. 7, 1997 -- No. 827

Malden Mills, Johnson & Johnson executives address 500 at Kenan-Flagler symposium

CHAPEL HILL -- Corporations have a responsibility not only to their employees but to their communities, Aaron Feuerstein, president and chief executive of Malden Mills, told students, faculty and business executives today (Nov. 7) at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School.

Feuerstein received national attention for keeping his employees on the payroll after a December 1995 fire destroyed his Malden Mills plant.

“There was no way I was going to put 3,000 employees on the street,” said Feuerstein, who rebuilt the plant that makes Polartec brand outdoor clothing. Feuerstein's community of Lawrence, Mass., once an industrial center, had paid a heavy economic toll for the exodus South of other major manufacturers, he said.

“I wasn't going to put a nail in the coffin,” he said. “The decision to rebuild was both a human and a business decision.”

Feuerstein discussed corporate social responsibility to kick off the 14th Annual Glaxo Wellcome Undergraduate Business Symposium. He was among more than 70 international business executives who participated in the event.

Ralph Larsen, chairman and chief executive officer of Johnson & Johnson, gave the keynote address. He focused on Johnson & Johnson's approach to community support and development, as well as his outlook for the future of corporate involvement in community affairs.

The symposium is a one-of-a-kind event, sponsored for the fifth consecutive year by Glaxo Wellcome Inc., and primarily organized by undergraduate students in the bachelor of science in business administration program at UNC-CH's Kenan-Flagler Business School. Thirteen students were chosen from 40 applicants to manage the event as members of the Symposium Core Committee, advised by Donna Bauman, associate program director.

The 1997 symposium, titled “Commitment to the Community,” allowed students and executives to discuss current issues and trends regarding ethical business practices and responsibility to communities. Throughout the day, students attended panel discussions facilitated by executives and covering such topics as “Corporate Citizenship,” “Global Business Opportunities,” “Balancing Work and Personal Interests Ethics in Business,” “Technology as a Competitive Advantage” and “The Challenge of Leadership.”

“This event was a wonderful opportunity for business students to meet, interact with and learn from a variety of business executives who are at different stages of highly successful careers,” said Dr. Robert Adler, associate dean for the undergraduate business administration program. Executives participating in the symposium came from a variety of diverse backgrounds including telecommunications, finance banking, advertising, textiles, marketing and management.

“We are proud to have the opportunity to bring our experience in the world to the students,” said Marilyn Foote-Hudson, executive director of the Glaxo Wellcome Foundation. “The symposium allows students to get a head start on discovering the practical daily application of business principles in the corporate setting, all while they are still in school. It helps them to be better managers and more seasoned employees when they enter the work force.”

Glaxo Wellcome Inc., based in Research Triangle Park, is the nation's leading research-based pharmaceutical firm. A subsidiary of London-based Glaxo Wellcome plc, the company discovers, develops and distributes innovative medicines intended to improve patient health and quality of life.

Kenan-Flagler, founded in 1919, offers a full range of top-ranked business education programs, including the bachelor's of science in business administration, master's of business administration, executive MBA, master's of accounting, and doctoral degrees in business administration and executive education.

The school's undergraduate business program was ranked fifth in the nation among nearly 300 accredited business schools by a U.S. News and World Report magazine survey of U.S. business school deans. Kenan-Flagler serves more than 1,300 undergraduate and graduate students and 4,000 executives each year and is known for its small, select student body, superior teaching and emphasis on teamwork. The school works collaboratively with businesses around the world to keep teaching and research on the cutting edge.

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Sources: Undergraduate students Miiko Richardson, (919) 967-0727; Jay Sammons, 914-6097.

Contacts: Cyndy Falgout, Kenan-Flagler, (919) 962-0148, or Mike McFarland, News Services