Former President, Chief Executive Officer & Director, Masco Corp
We are Masco
In June of 2017, Masco relocated its corporate HQ to Livonia, Michigan after more than 50 years in Taylor. Hear from the son of our founder and Chairman Emeritus, Richard Manoogian, CEO Keith Allman, and our employees about what it means to be part of Masco.
About Keith Allman
On Masco's Q2 2021 earnings call, Keith Allman reported that the company was experiencing "escalating inflation across most of our cost basket," including freight, resins, and packaging, with inbound freight container costs nearly tripling during the quarter. He stated that the company expected all-in cost inflation to be in the high single-digit range for the full year for both its plumbing and decorative segments, with low double-digit inflation in the second half of the year. Allman also announced that Masco was increasing its full-year earnings per share expectations to a range of $3.65 to $3.75, up from a previous range of $3.50 to $3.70. In earlier remarks, Allman described 2019 as "a dynamic and transformational year for Masco," noting that the company had mitigated significant tariff headwinds, achieved record sales at several plumbing brands, and simplified its portfolio through divestitures. He expressed confidence in the fundamentals of the repair and remodel market as the company entered 2020, citing consumer confidence, wage growth, and home price appreciation. In a 2017 corporate video, Allman spoke about the legacy of Masco's founder and the importance of the company's people and team, stating that "the continued greatness of Masco depends on people and leadership."
Transcript (12 segments)
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Former CEO0:04
When I think of some of the things that I'm most proud of at Masco, one of them certainly is the legacy of my father. He was a great believer in innovating products and being the leader in our industry. All that only works if you have the right people. I think of the people at Masco and the team that we put together. That's really the key to the success of our company. The people who have made us successful; without them, we wouldn't be where we are today. Moving from Taylor to Livonia is obviously a big change for all of us. This is my fourth corporate office in my career, and everyone was really a challenge and an adventure to undertake. But out of that came improvement and opportunities to do things a little differently and better than we've done in the past. We've always had challenges, and we've always overcome our challenges. I think we've had to keep evolving and changing to grow with the times in the world that we live in, but I'm very comfortable that Keith and the team will be able to meet that challenge. When you think about our values, they're critical because the continued greatness of Masco depends on people and leadership. My hope for Masco specifically in the new building is that this investment makes a difference, that it brings us closer together, that it drives more high-performing teams, that we have more of an energetic, collaborative interaction as people.
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Employee 11:43
Everyone seems to be pleasantly surprised with the space. My first impression was, well, in the old building I heard a lot of people were unsure about the move and everything, and just kind of looking around and seeing the other employees kind of feeling happy, and you saw their faces and stuff. I thought, you know what, this is going to be a good thing.
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Employee 22:04
My first impressions of the building is that it's got amazing energy, and it's clearly going to help us achieve some of the objectives we want: live our values, collaborate more, work together more, solve problems. I can see everyone, I can hear everything, which is very exciting.
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Employee 32:19
I think it's an environment that the younger generation is going to want to work in, and that the current generations that are in this building are going to enjoy working and feel productive and part of the whole team.
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Employee 42:30
The old building has been my home for twenty-four years, so I did not know what to expect. And walking in, I must tell you, this is an outstanding, wonderful facility. I'm sure we're going to have good success here, and I'm very excited to be here.
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Employee 52:45
At times I hear people refer to the old Masco or the new Masco, and I really don't think there is a change in Masco. The same things that made us successful in the past are going to be key to making us successful in the future. A lot of that has to do with the team, the family, people working together. But that doesn't mean we can't keep improving what we do and how we do it.
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Employee 63:05
When I think of what Masco means to me, it's really a family. There's a number of people that have worked 10, 20, 30 years; you just don't see that anymore. I consider it a privilege to be a part of the Masco family. One of my favorite memories is Mr. Manoogian treating us as a family here at Masco. That sense of community really is part of the DNA of Masco, and I'm so proud to be part of an organization that has such a rich history and dedication to its core values. We care about our employees, we care about each other, we care about delivering excellence, and we do that every day.
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Employee 73:37
I think being able to work with my son in the same organization says a lot about the company. It's... I've enjoyed my time here, and I'm glad I've had the opportunity to be here.
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Employee 83:45
Is it an awesome experience working at Masco? Because I get the opportunity, when I now go shopping, I get a chance to see the brands in the store. We get to be a part of our customers' everyday lives. When you started talking about our companies and our brands, everyone that I've ever spoken with about it either has a Delta Faucet or a Craftmade cabinet or a Hansgrohe shower or a Behr paint in their home, and that's pretty meaningful to me.
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Employee 94:07
In 1993, while I was on maternity leave, I was contemplating leaving the company. This is what Masco is, this is what Masco means: that I put my family first. They gave me the best of both worlds. At that time in my life, I was able to not only work with a wonderful company but yet spend time with my children.
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Employee 104:26
As a long-term employee, I've seen a lot of change, and I've been highly involved in the startup of our new building in Livonia. Change is constant; we embrace it, we move forward, and we make the best of it.
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Keith Allman4:37
When I think about Masco's legacy, I'd like to think that we were able to continue what Alex and Richard started, and that we continue to have a legacy of focusing on doing good by people, doing good by our customers, and continuing to innovate and continuing to improve. If my father were here today, I think he'd be very proud of all the things that we've done at Masco to preserve his heritage and his legacy: the products that we make, the performance of the company, and most importantly, the growth and success of people within the organization to make that possible.