Myles Mace facts for kids

Myles La Grange Mace (born October 10, 1911 – died March 24, 2000) was a famous professor at the Harvard Business School. He was one of the first people to study how new businesses start (entrepreneurship) and how companies are run (corporate governance).

Early Life and Education

Myles Mace was born in Montevideo, Minnesota. He went to the University of Minnesota and finished in 1934. Later, he studied law at the William Mitchell College of Law, graduating in 1936.

Even though he could have become a lawyer, Mace decided to continue his studies. He went to the Harvard Business School and earned his M.B.A. degree in 1938. After graduating, he worked there as a research assistant.

Four years later, Mace joined the military. He served in the United States Air Force and left in 1946 as a Lieutenant Colonel. He was honored with the Bronze Star Medal for his service.

Career at Harvard Business School

After his time in the military, Mace returned to the Harvard Business School (HBS). He created the very first course there about entrepreneurship. This course was called "The Management of New Enterprises."

This course became a very important part of the HBS program. It helped start the school's large program for teaching students about managing new businesses.

Mace also became very interested in how companies are managed by their leaders and boards. He studied this for his doctoral degree at Harvard. His research was published as a book in 1948 called The Boards of Directors of Small Corporations.

He wrote two more books: Growth and Development of Executives and Management Problems of Corporate Acquisitions. Later, he took a break from teaching to interview many top business leaders. This led to his important 1971 book, Directors: Myth and Reality.

Mace's research showed that many company boards were not very active. They often just approved what the top managers wanted. This idea caused a lot of discussion in the business world.

Mace put his ideas into practice by serving on the boards of several large companies. These included Litton Industries, Hanes Corp., and United Technologies.

Business Leadership Experience

In 1955, Mace took a break from teaching to join Charles B. Thornton at Litton Co. Litton was a small electronics company in California. Mace worked there as a vice president and general manager.

From 1955 to 1958, Mace helped Litton grow a lot. The company's sales went from $3 million to over $80 million each year. Litton became a very famous and successful company in American business history.

After his time at Litton, Mace returned to HBS. He continued to teach and work on various school projects until he retired in 1972. He even helped teach professors from other business schools around the world.

Later Years and Legacy

After retiring, Myles Mace remained very active. Even though he became blind due to glaucoma, he continued to contribute to the business world. He worked as an editor for the Harvard Business Review from 1975 to 1978.

He also kept serving on company boards and writing articles. Many former students and colleagues often asked him for advice. In 1984, Mace received the Distinguished Service Award, which is the highest honor from HBS.

Myles Mace passed away in Massachusetts in 2000. His work helped shape how we understand starting new businesses and how large companies are managed.