Victor Kiam American entrepreneur, president and chairman of the board of directors of Remington Products. Date of Birth: 07.12.1926 Country: Great Britain

Biography of Victor Kiam

Victor Kiam was an American entrepreneur, president, and chairman of the board of Remington Products. He took over the company and focused on its ethical standards after restructuring it for speed and efficiency. Remington Products Corporation is known for manufacturing Remington electric shavers. From the late 1940s to the late 1970s, the company grew and prospered due to its reputation as a producer of the highest quality electric shavers. Although Remington Products was part of the conglomerate holding company Sperry Rand, it was led by its founder himself. In 1967, the original owner retired and was replaced by an engineer who was passionate about creating new products. For the past 12 years, he directed all of the corporation's efforts towards improving its products. Changes were made to the model every six months, sometimes so minor that consumers hardly noticed. However, even in such situations, the introduction of a new product meant that the company stopped producing the previous model. Retailers were afraid to hold Remington electric shavers in stock as the models became outdated almost overnight. The company's position in the electric shaver market began to weaken, and this trend continued for several years. In 1979, Victor Kiam bought Remington from Sperry Rand. After his wife bought him a Remington electric shaver, he concluded that Remington Products was worth saving. As a practical expert in electric shavers, Victor Kiam claimed that no electric shaver shaved better than Remington. When Kiam became the owner of Remington Products, he made significant changes to the company's operations. The first thing he did was assemble a group of executives from different companies he had worked with for many years, replacing the previous Remington management. He then planned further reductions in production, dismissing three out of four production managers and laying off most of the engineers. By restructuring the company and making it more efficient, Kiam also addressed its ethical standards. Many employees, whom Kiam did not want to dismiss, left the company due to the stress associated with the changes. To stop this dangerous trend, employees were introduced to Kiam's plans for the company's development, and all became participants in incentive programs. Once the organization stabilized, attention was once again focused on the electric shaver. All chrome parts and external additions that added unnecessary weight but did not improve its performance were removed. The improved design was cheaper to produce, and the cost savings benefited the consumers. Retailers were assured that the production range would remain stable and that orders would be fulfilled within 24 hours. Other marketing innovations such as a compact case and a money-back guarantee also helped revitalize Remington Products.