Middleby (MIDD) CEO Selim Bassoul

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Middleby (MIDD) CEO Selim Bassoul said he introduced the touch screen before Apple

“In 2006, we introduced the touch screen control.  Why did we introduce touch screen control?  Because there is 400% turnover in our customer’s employee base.  So we introduced touch screen when nobody had touchscreen.  I’m going to give you some perspective, Steve Jobs in 2006 did not have touch screen on his products.  If you remember the iPod, it was the wheel.  I was in touch screen before anybody else in the United States.”

Costco is his most admired company

“My most valued company is Costco.  What I like about Costco is you can return anything, including flowers.  So Jim Senegal who is the founder of Costco said to me, Selim, you are doing so much innovation, why don’t you create a no quibble warranty similar to Costco.  So since 1999, we were the only company to have a no quibble warranty.  If the product doesn’t measure up to your expectations for any reason, we take it back.”

Middleby (MIDD) CEO Selim Bassoul described his legacy

“I’m going to tell yo what my legacy is.  1 out of 3 restaurants around the world uses our products.  4 billion people around the world scavenge for wood and debris to help feed themselves.  They are mostly women, children, and girls.  In Lebanon alone, we have about 2 million Syrian refugees.  Our legacy at Middleby is to create technology that allows people, with very little money, to create a cooker that will require very little debris and be solar powered.”

 

 

Source: https://www.youtube.com/watch?v=iL-jQwpZ5Ag

December 3, 2014