Precision Castparts is a global, diversified manufacturing company specialized in manufacturing complex metal components and products. It actually serves specific areas such as the aerospace, power and general industrial markets. The company’s CEO, Mark Donegan is 9th in Issa Asad’s ten-part blog series profiling his choices of the top CEOs of the world. Mr. Asad is a Florida-based technology and telecommunications entrepreneur and has served the South Florida area since 1996. He is the CEO of Q Link Wireless and Quadrant Holdings, LLC, both located in Dania, Florida. This is the top CEOS of the world number 9: Mark Donegan of Precision Castparts.
What is Precision Castparts?
This manufacturing company has been headquartered in Portland, Oregon for about 60 years. It is a leading company in the field of manufacturing large and complex structural investment-casting, airfoil casting, and fasteners for aerospace application, forged components and aero-structures. Precision Castparts is also the leading company that produces airfoil casting meant for industrial gas turbine market. In addition, the company manufactures extruded -seamless pipe, forgings, fittings and clad items for generation of power and oil.
The business of the company grew from a mere manufacturer of investment casting for a variety of application to the most fortune 500 top companies producing investment castings, fasteners for aerospace, forging and among others. This great growth of the company happened due to increased market share, a good access to new end markets and well strategic acquisitions.
Who is Mark Donegan?
The success of Precision Castparts is also as a result of performing chief executive officers like Ed Cooley, Mark Donegan and Bill McCormick. Each one of them made significant contributions towards the success of the company during their tenure, thus making Precision Castparts one of the foremost manufacturing companies around the globe currently.
Mark Donegan is the 9th best performing CEO, who joined Precision Castparts as a manufacturing supervisor in 1985. New career opportunities such airfoils business created by the company provides Mark Donegan with an opportunity to run a small ceramic core facility in Cleveland and later on, operate a large aerospace airfoil plant. In early 1990s, Donegan began to lead the structural casting business. He was then named the president as well as chief operating officer of the Precision Castparts Company in 2001. For the following two years, he took the roles of chairman and chief executive officer respectively. Donegan served as a CEO for almost 10 years of this Oregon based, industrial goods and metal-fabrication Company. Throughout his leadership, he mainly focuses on acquisitions and finding ways on how to improve the productivity of the company.
Donegan’s Success as CEO
When he took the reins as chief executive officer, the aerospace industry was not performing well but he took this downturn as an opportunity to apply his skills of leadership as a CEO. His confidence in operation is seen when he offered major aerospace customers with deflationary pricing in exchange for long-term contracts and market-share gains.
Donegan also focuses on reduced cost structure and profitable growth through diligent pursue of strategic acquisitions such as acquisition of SPS Technologies in 2003, that actually complemented the core competencies of the company. Rather creating something on their own, Donegan and the company as whole takes over other companies that have achieved some level of success in their target area.
Mark Donegan led Precision Castparts to an increase of US market value by about 34 billion dollars. He also enabled growth in country-adjusted shareholder returns of around 1720% and industry adjusted returns of about 16225%.
