Word: barrow
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...most of the efforts to help are genuine. A Brooklyn, N.Y., black newspaper, Big Red, is raising funds for the Atlanta police department. St. Paul African Methodist Episcopal Church in Cambridge, Mass., is urging members to pray and wear green ribbons, symbolizing life. The Rev. Willie Taplin Barrow, a Chicago mother and minister, helped organize a group of 200 women to travel to Atlanta to meet with parents "to find out how we can help." Says Barrow: "If everybody just prays, God can do anything...
...struck that bargain was Kennecott's new chairman, Thomas Barrow, 56, who had recently left a $250,000-a-year job as a senior vice president at Exxon. The 6-ft. 3½-in. onetime University of Texas football player is the son of a former chairman of Humble Oil & Refining, one of Exxon's predecessor companies, and the heir to the 30,000-acre Thomson Ranch near San Antonio. Having reportedly been passed over for the presidency of Exxon, Barrow was on his way back home to manage his ranch when Kennecott snared him with a Texas...
Right from the start, however, there was trouble in the Kennecott boardroom. Berner objected that Barrow was "vastly overpaid" and forced the board to renegotiate the contract, which he said could have paid the chairman $27 million over five years. Berner also took exception to other perks, like a $5 million corporate jet for Barrow's personal use. Says a Curtiss-Wright insider of those board meetings: "Ted was the skunk at the picnic...
...Berner, who by then controlled 14.3% of Kennecott's stock, announced plans to increase Curtiss-Wright's holdings to 25%. Kennecott board members began fearing that he would start another fight for control of the company as soon as the cease-fire expired in May. Barrow, therefore, huddled with some of Kennecott's directors last November and then announced a pre emptive strike: Kennecott was going to take over Curtiss-Wright. Said one Wall Street source: "The apple had bitten the worm." The copper company offered Curtiss-Wright owners $40 a share for their stock, nearly twice...
...Wright's Dorr-Oliver subsidiary, a maker of pollution-control and other equipment; Curtiss-Wright returned 4.8 million shares of Kennecott to the copper company, and Berner and two other Curtiss-Wright directors resigned from Kennecott's board of directors. With their proxy fights at last over, Barrow and Berner can now get back to their real businesses of digging copper and building jet engines. -By Julie Connelly. Reported by Frederick Ungoheuer/New York