Word: allenate
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Dates: during 1990-1999
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...time NCR was a third- or fourth-rate computer company, but somehow AT&T thought they could put it together and there'd be all this synergy." Charles Exley, who quit as NCR's CEO the day the merger took effect, chose not to crow about the results of Allen's folly. Says Exley, who now sails the world on his yacht: "Perhaps now NCR can go about its business once again...
...core business: long-distance phone service, the recently acquired McCaw Cellular phone subsidiary, and credit cards. Name: still AT&T. Revenues: $49 billion a year, based on 1994 figures. Profits: more than three-quarters of the $4.7 billion AT&T earned last year. Chief executive: Allen. (He has named Alex Mandl, his heir apparent, to oversee the transition to the slimmed-down AT&T.) Employees...
...idea that three pieces can add up separately to more than they did as a whole was widely praised. Wall Street, which had been quietly pressing Allen to do something about the stagnating price of AT&T stock, was almost ecstatic. The price jumped nearly 11% on the day of the announcement, to $63.75 a share; the stock ended the week at $63.37. Says Tim Price, president of rival MCI Telecommunications: "AT&T was a good competitor in the past; it is still a formidable competitor; it will be a better competitor...
With the computer losses alone, anyone would have realized that a mistake had been made. Still, Allen has won the admiration of competitors, investment analysts and business professors by admitting at least by implication that the ideas that guided his previous 38-year career with AT&T were wrong and reversing course after seven years at the helm. For a major corporate executive, that is almost as rare as breaking up the very symbol of Big Business...
...managed to overexpose thoroughly, like RuPaul and Roger Clinton. Miller's real twist on the late-night formula is to employ a trio of sketch players who perform three or four skits each night. So far, the material has been topical and clever: one sharp sketch featured a Woody Allen impersonator directing a teenage girl in a Calvin Klein...