William L. McKnight (November 11, 1887 – March 4, 1978) was an American businessman and philanthropist who served his entire career in the
3M corporation, rising to chairman of the board from 1949 to 1966. He founded the
McKnight Foundation
The McKnight Foundation, a Minnesota-based family foundation, advances a more just, creative, and abundant future where people and planet thrive. Established in 1953, the McKnight Foundation is deeply committed to advancing climate solutions in ...
in 1953.
Biography
William L. McKnight was the third child born to
homesteaders
The Homestead Acts were several laws in the United States by which an applicant could acquire ownership of government land or the public domain, typically called a homestead. In all, more than of public land, or nearly 10 percent of th ...
Joseph and Cordelia McKnight, who left the East in 1880 to claim a homestead in
South Dakota
South Dakota (; Sioux language, Sioux: , ) is a U.S. state in the West North Central states, North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Lakota people, Lakota and Dakota peo ...
. William was born in the family's sod house in
White, South Dakota
White is a city in Brookings County, South Dakota, Brookings County, South Dakota, United States. The population was 537 at the 2020 United States Census, 2020 census.
History
White was laid out in 1884, and named in honor of W. H. White, a firs ...
.
McKnight attended
Duluth Business University, and after attending school for only 4 months of the 6-month program, began working for 3M Corporation as an Assistant Bookkeeper in May 1907, at a salary of $11.55 per week. McKnight began to understand the dire financial situation of 3M, and his ideas for making better products and cutting costs gained the admiration of the general manager, who promoted McKnight to cost accountant. Two years after that, he was placed in charge of the company's
Chicago
(''City in a Garden''); I Will
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office.
In 1914, McKnight was promoted to general manager of 3M and moved to the company's headquarters in
St. Paul
Paul; grc, Παῦλος, translit=Paulos; cop, ⲡⲁⲩⲗⲟⲥ; hbo, פאולוס השליח (previously called Saul of Tarsus;; ar, بولس الطرسوسي; grc, Σαῦλος Ταρσεύς, Saũlos Tarseús; tr, Tarsuslu Pavlus; ...
. In June 1916 McKnight became 3M's vice president at age 29. Soon afterwards, Edgar Ober, the company's president, became ill, leaving McKnight running 3M - he officially became president in August 1929. He served as president until 1949, as chairman of the board from 1949 to 1966, and as honorary chairman of the board until 1972.
McKnight's business sense and emphasis on research and development helped bring 3M back from the brink of bankruptcy and turn it into the large, multinational corporation.
McKnight was inducted into the Junior Achievement U.S. Business Hall of Fame in 1995.
Business philosophy
McKnight encouraged 3M management to ''delegate responsibility and encourage men and women to exercise their initiative'' and his management theories are still the guiding principles for 3M.
Many believe McKnight's greatest contribution was as a business philosopher since he created a corporate culture that encourages employee initiative and innovation. His basic rule of management was laid out in 1948:
::''As our business grows, it becomes increasingly necessary to delegate responsibility and to encourage men and women to exercise their initiative. This requires considerable tolerance. Those men and women, to whom we delegate authority and responsibility, if they are good people, are going to want to do their jobs in their own way. Mistakes will be made. But if a person is essentially right, the mistakes he or she makes are not as serious in the long run as the mistakes management will make if it undertakes to tell those in authority exactly how they must do their jobs. Management that is destructively critical when mistakes are made kills initiative. And it's essential that we have many people with initiative if we are to continue to grow.''
McKnight Foundation
The McKnight Foundation was established in Minneapolis in 1953 by William L. McKnight and his wife, Maude L. McKnight. One of the early leaders of 3M, William L. McKnight rose from assistant bookkeeper to president and CEO in a career that spanned 59 years, from 1907 to 1966. The McKnight Foundation, however, is an independent private philanthropic organization; it is not affiliated with the 3M Company.
In 1974, shortly after his wife's death, William L. McKnight asked their only child, Virginia McKnight Binger, to lead the Foundation. Working with Russell Ewald as executive director, Mrs. Binger established the formal grantmaking program and community-based approach that remain the Foundation's legacy today. In 2009, Robert J. Struyk was elected chair of the board of directors, succeeding Erika L. Binger and becoming the Foundation's fifth chair since it was established in 1953.
Personal life
McKnight married in 1915 and had one daughter, Virginia McKnight Binger, who married
James H. Binger.
Thoroughbred racing
William McKnight was a fan of
Thoroughbred
The Thoroughbred is a horse breed best known for its use in horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed. Thoroughbreds are c ...
horse racing
Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic p ...
and owned Tartan Farms, a breeding operation near
Ocala, Florida
Ocala ( ) is a city in and the county seat of Marion County within the northern region of Florida, United States. As of the 2020 United States Census, the city's population was 63,591, making it the 54th most populated city in Florida.
Home to ...
. He raced under the name Tartan Stable. Among his most noted horses were the
Eclipse Award
The Eclipse Award is an American Thoroughbred horse racing award named after the 18th-century British racehorse and sire, Eclipse.
An Eclipse Award Trophy is presented to the winner in each division that is made by a few small selected American ...
winners
Dr. Fager
Dr. Fager (April 6, 1964 – August 5, 1976) was an American thoroughbred racehorse who had what many consider one of the greatest single racing seasons by any horse in the history of the sport. In 1968 at the age of four, he became the only hors ...
,
Ta Wee, and
Dr. Patches, and the sire
Intentionally.
References
External links
* http://www.nps.gov/home/historyculture/upload/MW,pdf,McKnightBio,b.pdf
{{DEFAULTSORT:McKnight, William L.
1887 births
1978 deaths
People from Brookings County, South Dakota
American chief executives
American racehorse owners and breeders
Owners of Preakness Stakes winners
American theatre managers and producers
Philanthropists from Minnesota
20th-century American philanthropists