Saturday, November 22, 2008

History Lesson

JC Penney: As Penney later said, “Give me a stock clerk with a goal and I’ll give you a man who will make history. Give me a man with no goals and I’ll give you a stock clerk.”

In 1959, Penney cast the sole dissenting vote when Penneys board of directors decided to offer credit cards to customers. Penney explained to his fellow board members that he understood the company had to keep up with its competitors, but he did not approve of policies that encouraged customers to go into debt.