Word: bendix
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Dates: during 1980-1989
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Martin Marietta's Pownall recalls his epic battle with Bendix...
Your article "White Knights and Black Eyes" [Feb. 14] mentions the "golden parachute" package fashioned by Bendix directors for William Agee during the merger battle of the Bendix Corp., Martin Marietta and Allied Corp. Paying Agee so much money would not be in the best interests of Bendix stockholders. The cozy relationship between boards of directors and top executives amounts to corporate incest...
Agee's resignation seems an abrupt setback in what had been a fast-track career. A graduate of Harvard Business School, he was only 39 in 1977 when he reached the top at Bendix, a manufacturer of machine tools and auto and aerospace parts based near Detroit. At the time, Bendix stock was selling for less than $40 a share. Under the deal Agee negotiated, Allied paid $85 a share. But if Bendix shareholders were happy, the board was less than delighted with the publicity fallout from Agee's relationship with Mary Cunningham, a top Bendix vice president...
...Cunningham is now a vice president for strategic planning at Seagram, the Manhattan-based liquor manufacturer. For the past eight months, she and Agee have been commuting between a suite in New York City's Helmsley Palace and a home in Detroit's northern suburbs, near Bendix...
Agee hardly has to worry about a job. He is a director of several corporations, including Equitable Life Assurance and Dow Jones & Co., publisher of the Wall Street Journal. At the time of the merger, his Bendix shares were worth about $1.4 million. In addition, unless shareholders sue successfully to stop him, he can pull the ripcord on a golden-parachute deal written into the merger agreement. It entitles him to receive his annual $825,000 salary for five years after he steps down, a plump severance package worth more than $4.1 million...