William Irrgang: Lincoln Electric Company
In 1972 William Irrgang was promoted to chairman of the Lincoln Electric Company, helping the company achieve a new level of professional management which it had not known before. Irrgang worked to promote the continuation of Lincoln’s excellent financial performance, successfully overcoming two serious recessions during his tenure. Under Irrgang’s strong leadership Lincoln was able to maintain its position as a key player in the arc-welding equipment and supply market.
Due to Irrgang’s uncommon dedication to conservative business practices he was able to steer Lincoln clear of powerful forces of competition while maintaining the company’s tradition of no lay-offs which it held for over thirty years. Despite these challenges, or perhaps because of them, Lincoln was able to produce some of the business world’s best financial returns during the critical 1970s.