F. Kenneth Iverson (September 18, 1925 – April 14, 2002) was the chairman and CEO of Nucor. He is credited with transforming Nucor from a nearly bankrupt company in the 1960s into the largest and most successful steelmaker in the United States.
Biography
Early life and education
Iverson was born in Downers Grove, Illinois. From 1943 to 1944, he attended Northwestern University, but left to serve in the United States Navy in World War II, where he achieved the rank of lieutenant. In 1946, he graduated from Cornell University with a degree in aeronautical engineering. He received a master's degree in mechanical engineering from Purdue University in 1947.
Career
Iverson was a research physicist for International Harvester for five years. In 1953, he joined Illium Corporation as chief engineer. He took a temporary job with Indiana Steel Products to establish a spectrographic laboratory. He then joined Cannon Muskegon as chief metallurgist and eventually, sales manager. In 1960, he became executive vice president for Coast Metals Company.
In 1961, Nuclear Corporation of American hired Iverson as general manager. In March 1965, the company filed for bankruptcy. Iverson, head of the only profitable division, took over as head of the company due to lack of interest in the job from others. One of his first initiatives was to racially integrate the company. The company changed its name to Nucor in 1972.
Iverson resigned as CEO of Nucor in 1996 and retired as chairman in 1998.
Iverson's management philosophy was featured in Good to Great by James C. Collins.
Publications
- Plain Talk: Lessons from a Business Maverick (Iverson with Varian, 1997).
Achievements and awards
- 2012 - Inducted into the inaugural class of the American Metal Market Steel Hall of Fame
- 1997 - Inducted to North Carolina Business Hall of Fame
- 1991 - Received the Willie Korf Award by American Metal Market