Monarch Industries CEO Roy Cook will be receiving his award on March 22.
Monarch Industries President and CEO Roy Cook is being recognized for his work by CME Manitoba.
“I’m very honoured to be nominated for this,” Cook said. “[The awards] celebrate the industries within Manitoba. I don’t point to myself, I point to how it highlights what the industry and companies within Manitoba are able to accomplish.”
Canadian Manufacturers and Exporters (CME) Manitoba are awarding two business leaders and three organizations for their contributions to the industry in March.
Cook joined Monarch in 1995 as Director of Business Development. In 2006 he moved to become COO before becoming President and CEO of the company in 2013.
Cook said he has learned a lot during his time at Monarch, and is constantly learning new things. “Make sure that you think things through very carefully,” he advised. “That you don’t make decisions hastily or without all of the information you can gather to make the best decision.”
One of Cook’s guiding principles has been striving to do what’s right. “We spend a lot of time thinking and probing and making sure that we’ve considered all of the consequences, both positive and negative, of our actions,” he said. “Always to make sure that we’ve thought it through very carefully to do the right thing always.”
Cook also emphasized the importance of employees. “We’re very much a team oriented company,” he said. “I’m blessed with having some great people to work with and to work together toward the goals we’ve established.
Cook attributed much of Monarch’s success to the people. “Both plants, Winkler and Winnipeg, have long-standing teams, which are strong in both locations,” he said. “That’s probably our biggest strength. The other is that we spent a fair amount of time making sure that we’re thinking strategically and acting strategically.”
Cook said one of the biggest changes he has seen in his 22 years at Monarch is the globalization of business. “Trade has become much more global, much more widespread,” he said. “Working with China and other developing markets, developing sourcing for components and materials around the world has been the biggest change.”
The second biggest change has been technology, Cook said. “It’s changing manufacturing with digitalization of information and processes to help manage more effectively.”
Of course, the industry is facing a degree of uncertainty regarding trade agreements right now, Cook said. “It has created some questioning as to where the future is going and what’s happening,” he said. “Continuing competitive pressure is definitely a factor, and uncertainty in exchange rates. A significant portion of our products are sold into the US, so currency and the exchange rates can have a significant impact on our business.”
Along with Cook, one other business leader and three organizations will be honoured by CME at the award’s gala.
The awards seek to recognize individuals and organizations who have contributed to “achieving world-class benchmarks in the manufacturing and exporting industry.”
The Hall of Fame award recognizes individuals demonstrating visionary leadership, or who designed or implemented revolutionary products, systems or processes.
Cook will receive his award at the CME Awards on March 22.