CORPORATIONS: Amfac's Wide Swing

"We're the least-managed company in the world. My colleagues have as much say as I do, and sometimes more. I make marvelous decisions that are promptly overridden by them, and they do it without bashfulness or shame, but with reason. Seventy-five percent of the time they are right. That's a high batting average, and it comes from having good people who are participating and having fun. As a result, we've got a hell-on-wheels management."

Stretching back in his neat office high above sun-sheened Honolulu Harbor, Henry Alexander Walker Jr., president of Amfac, Inc., a widely diversified service company, makes it...