Word: ceos
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Dates: during 1990-1999
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...city on the national map and made its name a national buzz word connoting both otherworldliness and governmental perfidy. "Some people come up to me and say, 'Gosh, I don't like this. I don't want to be known as the kook capital,'" says Bill Pope, interim CEO of the Roswell Chamber of Commerce, speaking with the easygoing charm and booster's earnestness one expects in a Southwestern city father. He is referring to next month's three-day gala marking the golden anniversary of the alleged crash in 1947 of a flying saucer near Roswell...
Rand Araskog, the CEO of ITT Corp., is a West Point graduate and a combat-hardened veteran of takeover wars who knows the value of a tactical retreat. He has fought off corporate raiders who sought to break up his company, as well as investors critical of ITT's performance and his high salary. So when Hilton Hotels Corp. offered $6.5 billion to buy ITT, which owns the Sheraton hotel chain and Caesars World casinos, Araskog manned the ramparts again. To raise cash and buttress the company's stock price, he sold once prized but now indefensible properties like...
...Hilton hasn't gone away, so Araskog has turned from defense to a scorched-earth policy that is beginning to seem aimed more at saving the CEO's crown than protecting shareholders' interests. Having sold nearly all nonessential holdings--including one of its two corporate jets--and laid off 125 people at its New York City headquarters, ITT is now stripping away promising casinos and profitable hotels, the very heart of the svelte new company that Araskog says he wants to create. Recently ITT sold five Sheraton hotels for $200 million, without competitive bidding, to FelCor Suite Hotels, the largest...
...that time, he has sought to transform himself from a poster boy for overpaid executives to a self-styled champion of shareholder rights. Yet Araskog, who served the National Security Agency as an interrogator of Soviet defectors in the '50s, can't seem to help treating everyone from Hilton CEO Stephen Bollenbach to ITT shareholders as if they might really be agents of a subversive foreign power...
Your article on the biotech company CellPro and the development of a new treatment for cancer [MEDICINE, May 19] left out some vital facts. The stem-cell technology used in CellPro's product to help treat its ceo, Rick Murdock, was developed not by CellPro but by the researchers at the Johns Hopkins University School of Medicine. To date, CellPro has paid Johns Hopkins nothing for its use of our stem-cell technology, thus depriving us of resources that could be applied to further cancer research. In March a federal jury found that CellPro willfully infringed Johns Hopkins' patents...