Word: boardroom
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Dates: during 1970-1979
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Another troubled situation is the four-year-old liaison between Fiat and France's Citroën, which are supposed to exchange technology and share plants. Amid rumors of boardroom squabbles, Citroën plans to sell additional stock, but Fiat General Manager Umberto Agnelli says that Fiat will buy none of it. As in the Dunlop-Pirelli alliance, neither side can move without the other's consent. Says Agnelli: "Our objectives are very ambitious-to produce the automobile of the future for a worldwide market." Citroën, he adds, has "failed to follow these objectives...
Connally is actually a smoother, boardroom version of Lyndon Johnson, more deliberative in style and, of course, lacking the patronage and power that L.B.J. commanded as President. His first mission for Nixon was to try to repair the damage done to Lockheed Aircraft's Tri-Star project when Rolls-Royce, the contractor for the plane's jet engine, announced bankruptcy. Connally discreetly bullied the British into propping up Rolls with funds, then turned to Lockheed. On Connally's advice, Lockheed's chairman of the board, Dan Haughton, traveled the nation organizing financial support from banks...
Business, as every boardroom veteran knows, is an extension of war by more gentlemanly means. When titans collide, the noises of battle rarely escape carpeted corridors, and body counts are concealed in footnotes to the annual report. Today there is a revival of a more visible form of corporate clash: the proxy fight. Already this year, at least a dozen proxy suits have been filed with the Securities and Exchange Commission. At that rate, the alltime record of 21 in 1958 is almost certain to be eclipsed...
Last week, in a family drama, Richard Zanuck faced his white-haired and stern-faced father across a boardroom table at 20th Century-Fox's headquarters in Manhattan. A special committee appointed by the directors had recommended that top management be changed. Zanuck Sr., who is now 68 and chairman of the board, was saved the possible embarrassment of voting against his son. The meeting ended with Zanuck Jr.'s resignation. And Darryl Zanuck, who used to make and break stars, carve up bankers for breakfast, and once reputedly snapped at an assistant...
United Air Lines, the nation's biggest, rounded out a year of record losses last week with an announcement that shook the industry like a sudden downdraft. After several days of boardroom skirmishing, George E. Keck was bumped as president of United and chief executive officer of UAL, Inc., the line's holding company. Almost as surprising was the choice of Keek's successor: Edward E. Carlson, the chief of Western International Hotels Co., which was acquired by UAL only last August. Carlson, 59, has never before been in the airline industry. In that troubled industry, there...