Word: bendix
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Dates: during 1980-1989
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...Harry Gray at United Technologies and Harold Geneen at ITT. Geneen sent his former deputy a congratulatory telegram last week saying "Great work." During his tenure at Allied, Hennessy acquired nearly 35 companies. His most dramatic coup came after a long and nasty takeover battle: the 1982 purchase of Bendix, an aerospace and automotive-parts manufacturer...
...question raised after any merger is how will top executives of the new firm work together. When Allied took over Bendix, William Agee, the Bendix chairman, was named Allied president. Alonzo McDonald, Agee's deputy, remained president of the Bendix subsidiary. A few days after shareholders approved the merger, both men resigned. Shumway, though, points out that Hennessy, Dingman and he have long known one another and that the merger was a friendly one. Nonetheless, he does not rule out the possibility of dissension. Says he: "It's very tough to say whether we'll have serious conflicts, though...
...September 1980, however, Bendix was buzzing with rumors about romance in the executive suite. Not only had Cunningham's rapid rise attracted attention, but the boss seemed to be spending an unusual amount of time with her. They checked into the same hotels on business trips, shared limousines and spent late nights working together. The two strongly denied the charges of a romance, and Cunningham today insists that she was the victim of office gossips who envied her position. Bowing to pressure inside and outside the company, Bendix officials forced Cunningham to resign in October 1980. Less than...
...months after the marriage, Cunningham, who was now a vice president for planning at Seagram's, and Agee were again in the news. Agee was leading a Bendix attempt to take over Martin Marietta, the defense contractor, and Cunningham was at his side. In the end, Bendix not only failed to get Martin Marietta but was taken over by Allied...
Powerplay might be better subtitled Everybody in the World Against Me. Cunningham, for example, bitterly denounces Bendix Board Members Peter Peterson, former chairman of Lehman Brothers Kuhn Loeb, and Donald Rumsfeld, former Secretary of Defense, for trying to nudge her out. She quotes Rumsfeld as telling Agee, "All right. So you piddled on the floor. But you don't have to have your face wiped in it. She's got to go." Cunningham charges W. Michael Blumenthal, former Bendix chairman and Treasury Secretary under Jimmy Carter, with spreading malicious gossip. She writes that Blumenthal remarked to Bendix Board...