Gund Co. chief ties 18% annual growth to a no-layoff policy

Steve Gund, the third-generation chief executive of St. Louis composite materials maker The Gund Co., said the company has averaged 18% annual growth over the past decade without laying off a single employee, according to The Currency.

Gund, 55, attributed the record to a management approach that places the well-being of the manufacturer's 1,300 employees ahead of short-term profit. "It sounds touchy-feely, but it's profitable," he said.

Hundreds of executives have traveled to St. Louis to study the model, The Currency reported, and Gund has set out to promote it to other family-owned businesses in particular.

The company was founded by his grandfather, Ed Gund, a former candy salesman.

This story was first reported by The Currency.