William L. McKnight
Encyclopedia
William L. McKnight was an American businessman and philanthropist who served his entire career in the 3M
corporation, rising to chairman of the board from 1949 to 1966. He founded The McKnight Foundation in 1953.
. William was born in the family’s sod house in White, South Dakota
.
McKnight attended Duluth Business University
, and upon graduation began working for 3M Corporation as an Assistant Bookkeeper in May 1907, at a salary of $11.55 per week. McKnight began to understand the dire financial situation of 3M, and his ideas for making better products and cutting costs gained the admiration of the general manager, who promoted McKnight to cost accountant. Two years after that, he was placed in charge of the company’s Chicago
office.
In 1914, McKnight was promoted to general manager of 3M, and moved to the company’s headquarters in St. Paul, Minnesota. In June 1916 McKnight became 3M’s vice president at age 29. Soon afterwards, Lucius P. Ordway, the company's President, became ill, leaving McKnight running 3M - he officially became president in August 1929. He served as president until 1949, as chairman of the board from 1949–1966, and as honorary chairman of the board until 1972.
McKnight’s business sense and emphasis on research and development helped bring 3M back from the brink of bankruptcy and turn it into the large, multinational corporation.
Mr. McKnight was inducted into the Junior Achievement U.S. Business Hall of Fame in 1995.
Many believe McKnight's greatest contribution was as a business philosopher, since he created a corporate culture that encourages employee initiative and innovation. His basic rule of management was laid out in 1948:
In 1974, shortly after his wife's death, William L. McKnight asked their only child, Virginia McKnight Binger, to lead the Foundation. Working with Russell Ewald as executive director, Mrs. Binger established the formal grantmaking program and community-based approach that remain the Foundation's legacy today. In 2009, Robert J. Struyk was elected chair of the board of directors, succeeding Erika L. Binger and becoming the Foundation's fifth chair since it was established in 1953.
.
William McKnight was a fan of Thoroughbred
horse racing
and owned Tartan Farm, a breeding operation near Ocala, Florida
. He raced under the name Tartan Stable. Among his most noted horses were the Champion
s Dr. Fager
, Ta Wee
, and Dr. Patches and the important sire Intentionally.
3M
3M Company , formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, United States....
corporation, rising to chairman of the board from 1949 to 1966. He founded The McKnight Foundation in 1953.
Biography
William L. McKnight was the third child born to homesteaders Joseph and Cordelia McKnight, who left the East in 1880 to claim a homestead in South DakotaSouth Dakota
South Dakota is a state located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes. Once a part of Dakota Territory, South Dakota became a state on November 2, 1889. The state has an area of and an estimated population of just over...
. William was born in the family’s sod house in White, South Dakota
White, South Dakota
White is a city in Brookings County, South Dakota, United States. The population was 485 at the 2010 census.-Geography:White is located at ....
.
McKnight attended Duluth Business University
Duluth Business University
Duluth Business University is a 300+ student privately owned and operated business college.Founded in 1891 in Duluth, Minnesota and known locally as DBU, the privately owned and operated school has always maintained a clear focus on career specific training...
, and upon graduation began working for 3M Corporation as an Assistant Bookkeeper in May 1907, at a salary of $11.55 per week. McKnight began to understand the dire financial situation of 3M, and his ideas for making better products and cutting costs gained the admiration of the general manager, who promoted McKnight to cost accountant. Two years after that, he was placed in charge of the company’s Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
office.
In 1914, McKnight was promoted to general manager of 3M, and moved to the company’s headquarters in St. Paul, Minnesota. In June 1916 McKnight became 3M’s vice president at age 29. Soon afterwards, Lucius P. Ordway, the company's President, became ill, leaving McKnight running 3M - he officially became president in August 1929. He served as president until 1949, as chairman of the board from 1949–1966, and as honorary chairman of the board until 1972.
McKnight’s business sense and emphasis on research and development helped bring 3M back from the brink of bankruptcy and turn it into the large, multinational corporation.
Mr. McKnight was inducted into the Junior Achievement U.S. Business Hall of Fame in 1995.
Business Philosophy
McKnight encouraged 3M management to delegate responsibility and encourage men and women to exercise their initiative and his management theories are still the guiding principles for 3M.Many believe McKnight's greatest contribution was as a business philosopher, since he created a corporate culture that encourages employee initiative and innovation. His basic rule of management was laid out in 1948:
-
- As our business grows, it becomes increasingly necessary to delegate responsibility and to encourage men and women to exercise their initiative. This requires considerable tolerance. Those men and women, to whom we delegate authority and responsibility, if they are good people, are going to want to do their jobs in their own way. Mistakes will be made. But if a person is essentially right, the mistakes he or she makes are not as serious in the long run as the mistakes management will make if it undertakes to tell those in authority exactly how they must do their jobs. Management that is destructively critical when mistakes are made kills initiative. And it's essential that we have many people with initiative if we are to continue to grow.
McKnight Foundation
The McKnight Foundation was established in Minneapolis in 1953 by William L. McKnight and his wife, Maude L. McKnight. One of the early leaders of 3M, William L. McKnight rose from assistant bookkeeper to president and CEO in a career that spanned 59 years, from 1907 to 1966. The McKnight Foundation, however, is an independent private philanthropic organization; it is not affiliated with the 3M Company.In 1974, shortly after his wife's death, William L. McKnight asked their only child, Virginia McKnight Binger, to lead the Foundation. Working with Russell Ewald as executive director, Mrs. Binger established the formal grantmaking program and community-based approach that remain the Foundation's legacy today. In 2009, Robert J. Struyk was elected chair of the board of directors, succeeding Erika L. Binger and becoming the Foundation's fifth chair since it was established in 1953.
Thoroughbred racing
McKnight married in 1915 and had one daughter, Virginia McKnight Binger, who married James H. BingerJames H. Binger
James Henry Binger was a lawyer who became Chairman and Chief Executive Officer of Honeywell. He was also a well known philanthropist, horse enthusiast and New York and Minneapolis theatre owner and entrepreneur.-Career:...
.
William McKnight was a fan of Thoroughbred
Thoroughbred
The Thoroughbred is a horse breed best known for its use in horse racing. Although the word thoroughbred is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed...
horse racing
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
and owned Tartan Farm, a breeding operation near Ocala, Florida
Ocala, Florida
Ocala is a city in Marion County, Florida. As of 2007, the population recorded by the U.S. Census Bureau was 53,491. It is the county seat of Marion County, and the principal city of the Ocala, Florida Metropolitan Statistical Area, which had an estimated 2007 population of 324,857.-History:Ocala...
. He raced under the name Tartan Stable. Among his most noted horses were the Champion
Eclipse Award
The Eclipse Award is an American thoroughbred horse racing award named after the 18th century British racehorse and sire, Eclipse. The Eclipse Awards, honoring the champions of the sport, are sponsored by the National Thoroughbred Racing Association , Daily Racing Form and the National Turf Writers...
s Dr. Fager
Dr. Fager
Dr. Fager was an American a thoroughbred racehorse who had what many consider one of the greatest single racing seasons by any horse in the history of the sport. "The Doctor" was the only horse who ever held four titles in one year...
, Ta Wee
Ta Wee
Ta Wee was an American Thoroughbred Hall of Fame race horse bred at the Tartan Stable of William L. McKnight . Foaled on March 26, 1966, her sire was Intentionally, the American Champion Sprint Horse of 1959...
, and Dr. Patches and the important sire Intentionally.