Robert Schad gave a time line for his retirement from the company he founded 50 years ago, Husky Injection Molding Systems Ltd., during a 75th birthday party and Husky anniversary celebration held Nov. 3.
Schad, Husky's president and chief executive officer, said he probably will retire in three years.
After spelling out how Husky has to continue investing and changing, Schad said: ``There is one more thing we have to worry about. It's kind of sad for me, but it's my succession. And I have to seriously set a date, and it's going to be in the near future. Not in one year, but not in five years. So, maybe in three years, I will be unemployed,'' he said, drawing laughs from the audience.
He will continue to run the Schad Foundation, a charitable organization that supports environmental activism, he said in remarks to 2,400 Husky employees and guests at Roy Thomson Hall in downtown Toronto.
Schad addressed his retirement after a keynote speech by Jim Collins, co-author of the best-selling business book, Built to Last. During a seven-year relationship with Husky, Collins has helped Husky identify its core values even as the company went public in 1998 and now prepares for the post-Schad era.
Husky has grown from a tiny machine shop in Toronto to a global maker of injection molding machines, hot-runner systems and robots with US$815.7 million in sales in fiscal 2003. Schad said management has evolved. ``I ran it like a grocery store. I knew every little detail,'' he said. ``And that change is now coming.''
Schad said Husky has to keep investing, even beyond the $20 million China technical center now under construction in Shanghai. ``It's going to be fabulous. But it's going to be history in six months, and we've got to look at the next one. Where's it going to be? It's one after another rolling out,'' he said.
Schad thanked Husky employees for their hard work, saying: ``This is your party.''