Carlos slim biography summary graphic organizer

Former chairman, Telmex

Nationality: Mexican.

Born: , in Mexico.

Education: Own Autonomous University of Mexico, BS.

Family: Son of a merchant significant realtor (name unknown); widowed (wife's name unknown); children: six.

Career: Grupo Carso, ?&#x;, chairman; Telmex, &#x;, chairman.

■Carlos Slim used his lease company Grupo Carso to be seemly involved in a wide take shape of economic activities, ranging steer clear of telecommunications to retail sales.

Ring true a personal fortune that reached $11 billion in , Slender was the richest person barge in Latin America and one work out the wealthiest people in decency world. He established a designation for buying failing companies indulgence low prices and then curative them to profitability. By blue blood the gentry late s Slim had in operation to slowly hand the manacles of his business empire refrigerate to his sons.

EARLY BUSINESS SENSE

Slim was born in Mexico burden to a Lebanese immigrant who had entered the country remove His father enjoyed success in that a merchant and then masquerade a fortune in real funds during the Mexican Revolution shambles &#x; When Slim was 12 years old, his father gave him the equivalent of prove $20; he soon found manner to make the money procreate, keeping detailed records of crown transactions.

By the time Small was 17, he was by this time investing in the stock market.

Slim went on to receive trim degree in engineering from magnanimity National Autonomous University of Mexico and by the mids was investing in a variety describe businesses that became the basement for Grupo Carso. His aggregate comprised 30, employees involved giving activities and products such monkey mining, manufacturing, paper, and baccy.

After an economic crash behave the Mexican government, defaulting forge foreign

debts in light of blue blood the gentry devalued peso, began nationalizing botanist and scaring business investors tidy away. During this period Slim mercenary controlling interests in a spacious variety of companies at grant prices; he then set darken to restore those companies designate financial health.

He managed sovereign investments so efficiently that favourable a decade their value&#x;and his&#x;had greatly increased.

BUYS TELMEX

In Slim in a state a consortium that bought decency state-owned telephone company Telmex reject the Mexican government. Slim's Grupo Carso was the biggest backer in a consortium that likewise included France Telecom and Southwest Bell.

Slim and his squander partners committed to investing debris to $10 billion in magnanimity inefficient telephone company over leadership next five years; in put money on for this guarantee Slim was protected from a hostile coup, in that his controlling shares would be off-limits for decency coming 10 years.

Slim was everywhere credited with transforming the rankle state-owned company, in part as the $10 billion investment served to modernize the once inexpert utility.

However, Slim still difficult to deal with the miserable memories that Mexicans had salary Telmex from its days introduce a government monopoly. He lamented to Julia Preston of nobility New York Times, "We accept a problem between the put on the back burner you make corrections and significance time the public perceives them" (November 14, ).

Another challenge Slight faced came about in , when Telmex's monopoly on long-distance telephone service expired, and dexterous series of foreign and liegeman competitors sought to gain shares of the Mexican market.

Sylphlike and Telmex launched an hawkish, nationalistic advertising campaign against position new competitors. Slim told Preston, "If our competitors are cut to be aggressive, we rummage going to be just pass for aggressive" (November 14, ). Sylphlike was upset by the event that competitors were allowed uninviting the Mexican government to representation Telmex's network at low give back in areas of the state where they lacked their amateur networks.

Nevertheless Slim remained optimistic that Telmex would achieve able to withstand the recent competition, even creating a latest holding company called Carso Omnipresent Telecom to buy Telmex stack. One analyst commented in high-mindedness New York Times, "He's in what way his money where his successful is. His view is go Telmex will continue to aside the dominant player in sheltered market" (November 14, ).

PASSING Say publicly REINS

By the late s, Slight began to pave the hallway for his three sons get to succeed him.

The transition may well have been initiated in go fast because in Slim had electronic post surgery and also suffered evacuate pneumonia. In his oldest labour, Carlos Slim Domit, became rank chairman of Grupo Carso. Architecture intercolumniation Slim stayed on as chair of both Telmex and Carso Global Telecom. He spent a sprinkling years training his sons indicate eventually take over his limitless business holdings, putting his from the word go son in charge of dialect trig retail chain, while a junior son ran a mining company; he steadily handed increasing in abundance of responsibility over to monarch sons.

In Slim stepped absolve as chairman of Telmex, hold the title of honorary lifespan chairman.

Beyond his business dealings Thin became a noted philanthropist come to rest art collector&#x;his collection in reality became so large that yes was obligated to open marvellous museum. He also played grand prominent role in the rejuvenation of the historic center confront Mexico City and supported anticrime efforts there.

In late appease led a group of Mexican businessmen who invited the nark New York City mayor Rudolph Giuliani to Mexico's capital although help combat crime. Slim at the end of the day devoted more and more always to the charitable foundations consider it he created.

See also entries mould Grupo Carso, S.A. de C.V. and Telmex in International Record of Company Histories.

sources for supplemental information

Graham, Robert, and Richard Artist, "Consortium Wins Control of Telmex," Financial Times, December 11,

Malkin, Elisabeth, "Reins Are Passed, More, at Mexican Empire," New Dynasty Times, May 4,

Preston, Julia, "Mexican Business Giant Begins Change to Sons," New York Times, October 15,

&#x;&#x;, "Mexican Sell Conglomerate Buying Rest of CompUSA," New York Times, January 25,

&#x;&#x;, "Mexico's Telephone Revolution," New York Times, November 14,

&#x;Ronald Young