Word: bennett
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Dates: during 1970-1979
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...Bennett had managed to consolidate what are now four entirely separate and unrelated positions. In addition he served on the board of directors of no less than ten powerful corporations, a direct conflict of interest situation with any of his other responsibilities...
When President Bok came into office, he set about to disperse the management of Harvard's financial affairs. And when Walter M. Cabot '55 takes over management of Harvard's portfolio in two weeks, Bennett's domain in the University's financial world will have been reduced to his chairmanship of the University Committee on Resources, hardly equal to his previous stronghold...
...view from the outside indicates that the 61-year-old Bennett has eased himself gradually out of Harvard's financial picture in an effort to lessen his work load as he ages toward retirement. Bennett announced last year that he was retiring as treasurer to devote more time to his State Street Management and Research Co. Later he said that State Street would bow out as Harvard's portfolio this July...
...even before he stepped out as treasurer and portfolio manager, Bennett's power had rapidly eroded under Bok's administration: The view from the inside is that Bennett's style of financial management was wholly incompatible from the outset with Bok's plan to disperse responsibility and power in all facets of his administration. Bennett, like John Dunlop, former dean of Faculty, had too much power in his particular domain. In addition, Bok and most of the members of the Corporation found themselves at odds with Bennett's attitudes toward shareholder responsibility, investment policy and other aspects of Harvard...
...fitting that Putnam should succeed Bennett as treasurer, in light of his original role in the move to wrest power from Bennett, it is ironic that Cabot should succeed Bennett as the new portfolio manager: Cabot's uncle was Paul C. Cabot '21, former Harvard treasurer and co-founder of State Street Management and Research and Bennett's mentor. It was Cabot senior who trained Bennett and hand-picked him as his successor at State Street and Harvard. But the younger Cabot has already proven himself to also be wary of the financial management style his uncle and Bennett brought...