Biography
William L. McKnight was the third child born to homesteaders Joseph and Cordelia McKnight, who left the East in 1880 to claim a homestead in South Dakota. William was born in the family’s sod house in White, South Dakota.
McKnight attended Duluth Business University, and upon graduation began working for 3M Corporation as an Assistant Bookkeeper in May 1907, at a salary of $11.55 per week. McKnight began to understand the dire financial situation of 3M, and his ideas for making better products and cutting costs gained the admiration of the general manager, who promoted McKnight to cost accountant. Two years after that, he was placed in charge of the company’s Chicago office.
In 1914, McKnight was promoted to general manager of 3M, and moved to the company’s headquarters in St. Paul, Minnesota. In June 1916 McKnight became 3M’s vice president at age 29. Soon afterwards, Lucius P. Ordway, the company's President, became ill, leaving McKnight running 3M - he officially became president in August 1929. He served as president until 1949, as chairman of the board from 1949–1966, and as honorary chairman of the board until 1972.
McKnight’s business sense and emphasis on research and development helped bring 3M back from the brink of bankruptcy and turn it into the large, multinational corporation.
Mr. McKnight was inducted into the Junior Achievement U.S. Business Hall of Fame in 1995.
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