Silicon Valley Needs To Rethink Its Fascination With IPOs

In 2009, during the tumult of the economic downturn, SAS CEO Jim Goodnight decided that, despite the risks, he would not downsize his company.

Goodnight announced that there would be no layoffs at any of SAS’s roughly 400 worldwide offices. The company implemented hiring freezes and cut costs, but Goodnight refused to follow the path of SAS’s competitors. That year, the company reported 2.2 per cent revenue growth and increased profits. In January 2012, SAS reported that growth had increased to 12 per cent and revenue was a record $2.73 billion.

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