The health market magnate had to recover from the mismanagement of his partners, after complaints to the company for fraud and harassment.
Bill Austine He is one of the most recognized businessmen in the health market in the United States for his production of hearing devices, Starkey Hearing TechnologiesThe North American is positioned as one of the leaders in its field due to its effort and innovation in its merchandise. This allows you to generate approximately 850 million dollars per year.
The entrepreneur’s perseverance turned his small stand into the largest producer in his country. He also marked a trend when customizing your devices to better adapt them to their clients, which attracted the attention of five presidents, two popes and Mother Teresa to use their hearing aids. The popularity of their brand made them very successful and allowed them to start your non-profit organization, Starkey Hearing Foundationto donate their products to the poorest.
The billionaire’s cause spread around the world and attracted many international stars to his sleepy town of St. Paul, Minnesota. Ben Affleck, Steven Tyler, Caitlyn Jenner, the first lady of Zambia and more than 1,500 benefactors gathered there to raise money to donate hearing aids to Malaysia, Ghana and El Salvador in 2017. But despite their actions, the image of Austine was tainted by the mismanagement of her company’s leaders.
The story of Bill Austine, the billionaire who had to deal with betrayals in his business
The billionaire’s philanthropy made him dedicate himself almost full time to his charitable foundation. His constant travels prevented him from participating in his parent company and his image there was only his statue at one of the entrances. Austine handed over control of his company to collaborators who worked alongside him for a long period. They tarnished Starkey’s reputation by charges of fraud and sexual misconduct.
The case of the hearing aid company is an example of the poor retirement transition procedures of its founder. Austin had formed a leadership triad between one of his stepsons and a worker who had been in the company for more than 20 years but had almost no control over its actions. The billionaire alleged that in all his trips never read the budgets, audits or financial statements of your company. Furthermore, he added: “If I did, if someone ever handed me one, I wouldn’t read it because I wouldn’t know how to do it.”
The situation got worse for Austin when he learned that the employee he assigned to control the company was plotting a boycott. He had a contract until January 2016 but a few years before he began to interfere to reduce the company’s effectiveness, embezzle funds and talk with employees to found his own company.
On the other hand, his stepson Brandon Sawalich also stated that he did not have the capacity to run a company of Starkey’s size. The combination of his mandate with the previous employee caused the company to have to pay millions of dollars as a penalty for evading taxes and he was accused of workplace harassment.
One of the employees referred to Austine’s stepson, stating: “I had to warn the representatives when they came, ‘He might flirt with you.’ So when you see it coming, go the other direction. Just leave the room’”
How much is Bill Austine’s fortune, according to Forbes
Bill Austine Starkey 2.jpg
The Business Journals
The renowned businessman in the medical sector had a fruitful career that allowed him to earn $3.1 billion, according to Forbes magazine.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
