Still another quite interesting example is the Brazilian company Semco SA. While privately owned as a family business, Semco practices a form of radical industrial democracy. Under the leadership of Ricardo Semler, who inherited the company from his father, Semco maintains a management structure where workers manage themselves and set their own production goals and budgets with remuneration based on productivity, efficiency and cost-effectiveness. Workers receive 25% of the profits from their division. Middle management has essentially been eliminated. Workers have the right of veto over company expenditures. Job duties are frequently rotated and even the CEO position is shared by six people, including Ricardo Semler, who serve six month terms as the CEO. The company now has over 3,000 employees, annual revenues of $200 million and a growth rate of 40% each year.
Keith Preston, “Attack The System” (2014).